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I have four pieces of advice for people
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number one get good sleep number two
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exercise number three diet number four
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meditation and if you want to do that
00:00:08
it's very simple you get the calm
00:00:10
meditation app you get the eight sleep
00:00:12
sleep you get the fitbod for fitness and
00:00:15
then you
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get G what a gri he's just talking about
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his
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Investments those are the four things
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you focus
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on the four Essentials you get a good
00:00:28
Athena assistant all this is brought to
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you by my NGO which is Allin NGO USA
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gave us18 Million last year guys I
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forgot to tell you about it but don't
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worry it's an offshore account for all
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of us when we get back to Ethiopia and
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Vietnam we have an all-in castle built
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there
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okay let your winners
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[Music]
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ride
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David and instead we open source it to
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the fans and they've just gone crazy
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with it love queen of I'm going all in
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all right everybody welcome back to the
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Allin podcast the number one Maga
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all those other
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places especially if you want to have an
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incredibly positive
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World enlightening conversation with Ray
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doio you can tune in too fredberg and
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Ray doio on the channel great
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conversation it's gotten three or
00:01:46
400,000 views already on YouTube how's
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the feedback been Dave got so much great
00:01:51
feedback on your ray Doo is it the end
00:01:53
of the Empire or were we coming back
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what's awesome is a lot of the
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recommendations he shared is becoming
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policy it seems for the Trump
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Administration
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Elon and bessent and others in the
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administration have echoed trying to get
00:02:08
government deficit below 3% of GDP that
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seems to be the economic magical number
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and if you can do that rates drop I
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think that's resonated it was great to
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have him publish that a couple of weeks
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ago talk with us about it it's great
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great bonus content from the team at
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Allin today we're super excited to have
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our friend Antonio graas joining the
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show Antonio is
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the CEO of Valor Equity partners and
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he's made some he's made some solid
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Investments he was one of the First
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Investors in Tesla SpaceX Athena uh tons
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of great or he's a second investor in
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Athena after me uh welcome to the
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program Antonio he put slightly more in
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thank you Jason I was also in Uber with
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you too by the way yes yes I did the you
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did the series a I believe or the bay
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what did you do right behind you we were
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in the bay behind yes you were in the
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shervin round okay well welcome to the
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program Antonio graas and uh we've got a
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full docket today and we might even have
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a special caller from the White House
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today no promises but you never know we
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are 17 days into the Trump 2.0
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presidency and seems like the main
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character gentleman is Doge the
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department of government
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efficiency and uh they seem to have
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found a little known agency us a let's
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unpack it and talk about us Aid and Doge
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maybe in three acts the first one let me
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just uh educate the audience on what US
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Aid is and then get y'all's General
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reaction to it most Americans probably
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haven't heard of us Aid it stands for
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the United States agency for
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International Development was
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established by JFK by an executive order
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back in 1961 Wall Street Journal summed
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up its purpose as quote make friends and
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influence countries in the American
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interest according to the US gov website
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the purpose of us Aid is to extend
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assistance to countries recovering from
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disaster got a budget of about $45
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billion a year under Biden and uh that's
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about 150 bucks per American per year
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they have at least 10,000 employees or
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did and as of 2023 they had programs in
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130 countries obviously there's 195
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countries in the
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world and uh the budget doubled under
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Biden from 26 to 45 the budget was
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between 15 and 20 billion during Trump's
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first
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term but the White House and uh I guess
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Elon and the Doge team found out about
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this us aid went in there and found all
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kinds of interesting spend $2.5 million
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to fund EV charging station in Vietnam 2
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million for sex changes in
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lgbtq activism in Guatemala 1.5 million
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to a Serbian lgbtq group 70k for a Dei
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musical 47k for a trans gender Opera in
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Columbia uh the Dei musical by the way
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is in Ireland so if you get if you you
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make it to Galloway you can see that Dei
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musical this went on and on and it has
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become quite a
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story Antonio you're our guest here this
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week you and I and saxs and Elon spent a
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little time at Twitter during the
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Takeover where I think a lot of these
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techniques were first put into action
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your thoughts on what's happening with
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Doge
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I mean look Jason first want to thank
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you guys for having me um it's great to
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see
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everyone you g see the musical I like to
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see music no I booked it we're all going
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to the what is it
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called is there actually a name of the
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musical yeah it's Dei comma the
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musical oh man it's a heartwarming story
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I apologize getting a job sorry guys
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you're not qualified for I apologize
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yeah so I I think the I think the Doge
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uh story Maybe starts with the Twitter
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takeover yeah right so Twitter was
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spewing the woke mind virus in the world
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which is why you did it to begin with
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and you know when we got there as you
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know it was uh basically breaking even
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and there's there was going to be 12 and
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halfish billion dollars a 10 of the
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company so a billion half dollar in
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interest costs that there was no money
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to pay um which led to the turnaround I
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think which was the biggest turnaround
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like of all time literally the biggest
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turnaround I think ever in history
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second biggest Tech deal ever
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done 80% of the people gone that doesn't
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include all the contractors that were
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there and you know the company's now
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servicing its debt and they just priced
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yesterday their one of their Bank deals
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at 97 cents so this is a huge win means
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the company's doing extremely well other
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people bought the bank debt and that
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then the bank debt traded up to a little
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over 98 so 98 and 58 you know a giant
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business success a rousing business
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success and Jason you were there for
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part of it you saw it it was a disaster
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U this place was you know it was tampons
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in the bathrooms and every woke thing
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you could possibly imagine and no one in
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the office uh that the it was so bad
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that the pens had gone dry in the
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conference rooms which is is incredible
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and I think that you know that's how the
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so you mean the pens had gone dry
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because they were never being used or
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because they were being used so much
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they were never been used we got there
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on the yeah the Halloween weekend and we
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started whiteboarding and you know
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no next 10 no ink yeah I mean everything
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it was it's incredible and but but uh
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flowers were impeccable food being made
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fresh every day for thousands of people
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and thrown away um three times a day
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toss in the garbage we didn't give it to
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the homeless it was just it was
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shockingly bad bureaucracy gone mad bad
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Inc is people don't care so it was both
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I think this turned into two things one
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was just stop the W mine virus you know
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the interesting thing is U the the they
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do external brand safety checks there
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now and they have 99% rating in brand
00:07:50
safety U now right so stock the wus
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going in the world number one number two
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fix the company and both have happened
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it's been a couple years now right three
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years now and both have happened
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um not even three years two and a half
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years really and both have happened and
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I think you take that that that was sort
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of the warm-up act for what's going on
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at Doge which is you know the president
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United States um president Trump wants
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to make America great again and that I
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think begins with making the government
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great and you got to fix it it's a
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turnaround this is the biggest
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turnaround of all time and president
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Trump has the uh courage to do it and
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he's got a great Ally in Elon to make it
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happen in Doge and so the numbers are
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pretty easy right um we're spending uh 6
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and half trillion we bring in 4 and half
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trillion we got to find $2 trillion
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somewhere interest cost a trillion doll
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a year the bond markets were going up
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the the long Bond was going up a lot
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because people did believe that we
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couldn't stop spending creating
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inflation you see those trading down now
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as doge is starting to take effect
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people see it's real the stuff you're
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talking about it's sort it's sort of
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extraordinary what's happening and the
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you know El said this public right fraud
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waste and abuse he think it's kind of
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10% of the budget is probably fraud I
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think it might be low actually so you're
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talking about you know 6 650 billion a
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trillion in waste I think that's
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probably about right that alone fixes
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the problem but really serious about it
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Jason for me and what scared me when I
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when we first started thinking about
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this look and I'm not there full-time
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you know I'm uh in and out a little bit
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and and trying to help where I can but
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I'm not there fulltime um when I thought
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when this started I thought we had a
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democracy that it turned into
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bureaucracy
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okay what I'm afraid of now is we have a
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bureaucracy that is about to turn into a
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kleptocracy I mean a Latin American
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style kleptocracy okay the stuff you're
00:09:27
talking about that is pure fraud and
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you're make making some jokes out of it
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the DI musical but if you go into the
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data that's coming out of usid what you
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find is you know there's a lot of
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political contributions going on their
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Politico itself being funded by usaid I
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mean that is pure corruption that's like
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a lad style autocracy and we cannot let
00:09:46
it go there I mean I think we I think
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this happened just in a good time and
00:09:49
I'm super grateful to all the people
00:09:51
there there's you know 80 plus people
00:09:53
there all Patriots gone full-time okay
00:09:55
so chamath you've been watching this you
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hear from Antonio what's your general
00:09:59
take on what we saw in the first I don't
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know 20 days of
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Doge or no 15 days sorry it's 15 days of
00:10:07
Doge so let me try to give you a little
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bit of historical context because I
00:10:12
think that that's important I think
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whenever I hear so many people
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breathlessly saying some version of
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WTF as if this is totally new it's not
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new and I'll give you two examples but
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one that I really want to double click
00:10:29
on the two examples I'll give you is
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that in
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1941 The Truman committee was formed
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because there was a fear that the
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spending by the defense department was
00:10:45
completely out of
00:10:46
whack and over the next six or seven
00:10:49
years and this is really what gave
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Truman The credibility to them become
00:10:53
Roosevelt's vice president was they
00:10:56
found incredible levels of waste Fraud
00:11:00
and Abuse during the war before the war
00:11:03
effort and then after Pearl Harbor
00:11:05
during the war process over seven years
00:11:09
that committee and this is in$
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1941 they were tasked and budgeted with
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only 20 or
00:11:17
$30,000 okay over the next six years
00:11:19
they spent less than a million inflation
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adjusted to 2023 this is where I found
00:11:25
the data was about 65 million they spent
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you know how much they SA
00:11:30
it's estimated they saved somewhere
00:11:32
between1 to 15 billion in
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1941 that's a quarter of a trillion
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2023 the second example is we did this
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under President Clinton and that was
00:11:46
called the National Partnership for
00:11:48
Reinventing government so the first
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thing that I think it's important to
00:11:53
acknowledge is this is not new we've
00:11:56
done Doge twice before both have been
00:11:59
successful the Harry Truman one was
00:12:01
incredibly important because it really
00:12:03
set guardrails for how this can be done
00:12:06
everything in that committee it was a
00:12:07
senate committee was unanimous so it was
00:12:10
Republicans and Democrats that found
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waste Fraud and Abuse everywhere they
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saved an enormous amount of
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money the second which is interesting is
00:12:20
these last two versions of Doge were
00:12:22
driven and led by democrats the same
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people today who are basically saying
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hey hold on a second we have congression
00:12:29
committees or we have inspector
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generals and they lack the awareness to
00:12:35
know that their own party was the
00:12:37
driving force for this two times before
00:12:40
and I think it's important to just
00:12:42
acknowledge that those methods are not
00:12:44
good anymore right because I think what
00:12:47
we're finding early days is the rot is
00:12:49
super pervasive there's no
00:12:52
accountability and so I think you need
00:12:53
people to look at it with fresh eyes and
00:12:56
what is Doge at the end of the day what
00:12:57
they are are read only Auditors of the
00:13:00
truth and the press secretary in the
00:13:03
White House made this very clear it's
00:13:05
incredible the power that readon access
00:13:08
gives you all it allows you to do is
00:13:10
just take the data and present the data
00:13:13
they can't manipulate it and what
00:13:15
they're able to do is publish all of
00:13:17
this stuff in real time and that's why
00:13:18
this is so important because if it went
00:13:20
into a congressional committee to be
00:13:22
honest with you it would sit there and
00:13:26
stew for six seven eight nine months you
00:13:29
would maybe get small little tidbits of
00:13:31
it but now instead you're just getting
00:13:33
the full thrust of it and what is the
00:13:35
biggest thing that I find concerning I
00:13:39
think it's what Antonio said which is
00:13:41
that the
00:13:43
media who are supposed to be this
00:13:46
intermediary layer that's totally
00:13:49
objective between the government and the
00:13:52
people were not independent at all but
00:13:55
had all kinds of hidden incentives $8
00:13:57
million to politicos several million
00:13:59
dollars to the BBC I think it's
00:14:02
important to ask what's going on and by
00:14:04
the way that also has historical context
00:14:08
this is exactly what happened in the 60s
00:14:10
and 70s where it turned out that record
00:14:13
companies were paying DJs to pay songs
00:14:16
there was a huge set of lawsuits and
00:14:19
trial cases and the result was a change
00:14:21
in the law right and we call that Peola
00:14:24
now which is you cannot take this money
00:14:25
without disclosing it and so had this
00:14:28
money been absorbed these
00:14:30
entities and actually disclosed maybe
00:14:32
we'd be okay but Nick I sent you a link
00:14:34
maybe you can throw it on the screen for
00:14:35
these guys it's is a very simple
00:14:37
manifestation of this cycle we talked
00:14:40
about this guys and we didn't realize
00:14:44
how connected it all was but we were
00:14:46
asking ourselves during the election
00:14:48
cycle last year why are all these
00:14:49
articles buried why aren't we really
00:14:51
getting the truth and it turns out that
00:14:53
the people who were responsible for
00:14:55
telling the truth somewhere along the
00:14:58
chain were koled or just told not to
00:15:00
tell the truth influenced by all of this
00:15:03
back Channel money that was going back
00:15:04
and forth from the government to these
00:15:06
folks okay yeah let me just give some
00:15:09
numbers to uh what you were referencing
00:15:11
there the US Aid organization has been
00:15:16
giving money uh as have other agencies
00:15:19
to journals databases and subscriptions
00:15:22
there's probably some amount of that
00:15:23
that makes sense however when we look at
00:15:26
this during Trump 1 spend on political
00:15:29
was averaging around 1.3 million a year
00:15:31
but it suddenly ballooned up to 8
00:15:32
million a year under Biden and you can
00:15:34
see the quarterly payments here on this
00:15:36
chart so there's some normal amount to
00:15:39
spend on Publications or for a library
00:15:42
at an organization and so what we're
00:15:44
looking here is all federal agencies and
00:15:47
suddenly during Biden there is a very
00:15:49
suspicious ramp up in spend to Politico
00:15:53
all of this is breaking a lot of this
00:15:54
hasn't been verified yet so we'll we'll
00:15:57
put that caveat on it
00:15:59
and then there is a number of 34 million
00:16:02
that's been floating around that's all
00:16:04
years back to 2008 not just 2024 less
00:16:07
people have that
00:16:09
number ju supposed or or or um
00:16:13
misattributed when political was
00:16:15
acquired back in 2021 they were doing
00:16:16
about 200 million in Revenue so this
00:16:19
would be about 4% of their revenue it's
00:16:21
pretty significant the BBC also received
00:16:23
2.7 million in funding from us Aid in
00:16:26
2023 that was 8% of their annual income
00:16:29
that's a little suspicious Thompson
00:16:32
Reuters which is the Consulting arm of
00:16:34
Reuters they've received 120 million
00:16:37
dollar from the federal government since
00:16:38
2011 that's got to be looked at and
00:16:40
double clicked on and uh half of that
00:16:42
came during the Biden Administration New
00:16:44
York
00:16:45
Times hasn't actually received all that
00:16:48
much 370k from the federal government
00:16:49
last year under Biden it went from 100K
00:16:51
a year to like 300 so the the New York
00:16:54
Times data has been cleaned up a little
00:16:56
bit all of this is to say
00:16:59
there's spending going on with the press
00:17:02
that certainly doesn't look good and
00:17:03
should be verified and challenged
00:17:07
obviously and we are in a breaking news
00:17:09
environment so we'll see how that
00:17:11
information shakes out over time which
00:17:14
is one of the great things I think about
00:17:16
Doge is they're getting this information
00:17:18
out there and citizen journalists are uh
00:17:20
looking at public databases freedberg
00:17:23
and uh we're having a conversation about
00:17:25
this a conversation two years ago
00:17:26
freedberg when you kept harping on every
00:17:29
episode about our debt and uh you know
00:17:31
about the interest payments two or three
00:17:33
years ago you were way ahead of the
00:17:35
curve and now here we are we didn't
00:17:38
think anybody would ever take this cause
00:17:39
up and now it is the cause of the moment
00:17:42
what are your thoughts on the first two
00:17:44
weeks of Doge Friedberg magnificent okay
00:17:48
magnificent I mean what else is there to
00:17:50
say emoi yeah this is the eggplant Emoji
00:17:54
it's what we needed if you zoom out on
00:17:55
what doge is doing I think the best way
00:17:57
to describe it is zero BAS budgeting and
00:18:00
in organizations that go through zerob
00:18:02
based budgeting you do a cycle typically
00:18:03
annually where you take all of your
00:18:05
opacs all of your expenses and running a
00:18:07
company or running an organization down
00:18:09
to the studs you take it down to zero
00:18:11
and you rebuild it up and you say what
00:18:12
are we trying to achieve this year from
00:18:13
first principles based on that set of
00:18:16
objectives those goals what do we need
00:18:17
to do what's the minimal expense we need
00:18:19
to run you don't start with last year's
00:18:21
numbers and say what else do we need to
00:18:23
do and start to add on top of that you
00:18:24
really do a hard level high degree of
00:18:26
scrutiny on every dollar move out and
00:18:29
that's what doge is effectively doing
00:18:30
they're doing a zero based budgeting on
00:18:32
the federal government they're looking
00:18:34
at every line item and they're asking
00:18:35
the fundamental question which I don't
00:18:37
think we talk about in the public
00:18:39
discourse enough which is what is the
00:18:41
essential role of government and there
00:18:43
is a great debate to be had around that
00:18:45
point should government be providing
00:18:48
humanitarian Aid in international
00:18:50
markets that's a good debate to be had
00:18:53
should the government be providing
00:18:54
security to Nations that can't provide
00:18:56
security for themselves does the US
00:18:58
government have a role in that should
00:18:59
the government be providing loans for
00:19:01
people to go to sh universities should
00:19:03
the government be providing loans for
00:19:04
people to buy homes that are overpriced
00:19:07
etc etc etc and as we start to ask the
00:19:10
questions of how we're spending money I
00:19:12
think it ends up leading to the most
00:19:13
important questions which is what is the
00:19:15
essential role of government which I
00:19:17
think is the debate that needs to be had
00:19:19
in order for the Democracy to last so
00:19:21
I'm very happy to see the effort of Doge
00:19:23
and I think that it's the beginning of
00:19:24
what I hope will be kind of a long-term
00:19:26
process of asking the fundamental
00:19:28
questions about essential government and
00:19:30
and Antonio zerob based budgeting was
00:19:32
the first thing you sort of introduced
00:19:35
when the Twitter takeover happened just
00:19:38
what do we need in terms of design what
00:19:39
does the sales team need to hit these
00:19:41
sales numbers how many servers do we
00:19:43
need and my Lord the waste Fraud and
00:19:47
Abuse at that company was shocking they
00:19:50
had buildings that were $100 a square
00:19:53
foot if I remember correctly that were
00:19:55
used for storage of the furniture from
00:19:58
the previous building that had been
00:19:59
upgraded and were storing them in class
00:20:02
A office space you reference the
00:20:06
commissary 20 people were having lunch a
00:20:09
day but they had never ratcheted down
00:20:12
the amount of food they were making so
00:20:13
each meal was about $800 on average when
00:20:16
you when you did the math for those 20
00:20:18
meals just in the San Francisco office
00:20:21
maybe you could talk a little bit about
00:20:23
how the the shock and awe
00:20:26
campaign of just freezing spending and
00:20:29
then seeing hey what actually is
00:20:32
necessary to accomplish this task worked
00:20:35
out at at Twitter and then how you see
00:20:37
that being executed uh you know inside
00:20:40
of our
00:20:41
government yeah thanks Jason it was I
00:20:43
was pretty extraordinary actually the um
00:20:46
you know the Twitter experience the
00:20:47
first thing you do in a turn like that
00:20:48
is try and get the checkbook and just
00:20:49
turn payments off and then see what
00:20:51
happens because there are lot of people
00:20:53
that shouldn't be getting paid and
00:20:55
sometimes they complain and sometimes
00:20:56
you find the people that complain the
00:20:57
loudest are the ones who are could in
00:20:58
the worst fraud they're the worst
00:21:00
frauders in the whole in the whole game
00:21:01
right the worst grifters are the ones
00:21:02
who are saying they're crying uh the
00:21:05
most Amar of foul and the problem at
00:21:08
least in Twitter there were financial
00:21:10
statements like we could actually there
00:21:11
was an audit financial statement and
00:21:12
they were basically you know they were't
00:21:14
some ways correct I would say uh there
00:21:16
were some issues with the with the user
00:21:18
growth Dows Etc the incen plans but the
00:21:20
actual like you know the cash FL numbers
00:21:21
were pretty much correct here the
00:21:23
problem is much much deeper and it makes
00:21:26
this zero based budgeting question much
00:21:28
harder which is the way the government
00:21:31
works uh a department just basically
00:21:33
asks for money from Treasury and they
00:21:35
send it out we all run businesses
00:21:37
there's a Reconciliation process you you
00:21:39
have a contract you isue a PO against it
00:21:42
something comes in you check that it
00:21:44
came in Services is rendered and then
00:21:46
you issue a payable and then you know
00:21:48
some a month later you pay it right that
00:21:50
doesn't happen to the US government
00:21:51
there is that that process is broken it
00:21:53
used to happen it's broken now and so
00:21:56
literally money is Flowing out I used to
00:21:58
ask myself question why are the numbers
00:22:00
always revised why are they always wrong
00:22:01
how can the government know how much
00:22:02
money it's SP just hit the button in the
00:22:03
computer and figure it out problem is
00:22:05
that button doesn't exist you know we
00:22:07
spent time early on I was uh Mar with
00:22:09
trying to track through like how does
00:22:11
the money actually flow we no one could
00:22:13
tell us how it actually flows where is
00:22:14
it going out people didn't know and it's
00:22:17
totally crazy and it's the reason all go
00:22:19
through treasury Antonio or like can you
00:22:21
just explain that to us well so I will
00:22:24
try to explain to you I'm not sure I
00:22:25
have full command of it I'm not sure
00:22:26
anyone does quite yet it goes to
00:22:28
treasury ultimately but it was supposed
00:22:30
to flow through the way it was supposed
00:22:32
to work in the it was changed in the 70
00:22:35
in the 70s in 1973 the Nixon
00:22:37
administration at in 71 let me go back
00:22:39
they came off the gold standard which
00:22:40
allowed deficits in 73 at the nater of
00:22:43
the Nixon presidency Congress took away
00:22:45
from the presidency the executive power
00:22:47
this thing called the porit which was
00:22:49
the power of the executive to stop
00:22:50
spending so Nixon was abusing it by
00:22:52
stoping he didn't want and so Congress
00:22:54
took away from him what that means today
00:22:55
is the executive as he reaches in it's
00:22:58
very hard to just stop payments so
00:23:01
what's happening is the the government
00:23:04
is is put in a process where they would
00:23:06
just have an an authorized executive
00:23:09
kind of stamp a bill that got paid that
00:23:11
broke and I don't know when it broke but
00:23:13
it broke sometime so the money flow now
00:23:16
department gets a budget authorized to
00:23:18
it uh by Congress it goes to om om
00:23:21
allocates the budget that department
00:23:24
then just sends a money request to
00:23:26
treasury to pay it is reconciled against
00:23:29
what happened this is one of the reasons
00:23:32
and that's it there's no there's no
00:23:33
there's no controller there's no
00:23:35
controller function like there is in a
00:23:36
normal company 100% there is no control
00:23:38
there is no controller there's no
00:23:40
reconciliation the reason they can't
00:23:42
pass audits okay there the reason this
00:23:45
happens is because you can't audit
00:23:46
something you haven't reconciled you the
00:23:49
only audit that I've seen is actually
00:23:50
from the Social Security Administration
00:23:52
and when you read it I've got one of
00:23:53
pars who have read the thing uh it has
00:23:56
it's just riddled material weaknesses
00:23:58
that you think there are individuals
00:23:59
that have made like millions or billions
00:24:02
of dollars from Mis payments overseas
00:24:04
like is this kind of what's gone on in
00:24:06
the missing money in Ukraine do you
00:24:08
think like it's kind of found its way to
00:24:10
the wrong places yeah I mean so what I
00:24:12
would I don't know what happened Ukraine
00:24:13
I don't crazy story yeah it is shocking
00:24:15
about Ukraine I will say that I have
00:24:17
business experience trying to work in
00:24:19
businesses that had Medicaid and
00:24:21
Medicaid medicare's payments I wanted to
00:24:23
make that better right we Weist to make
00:24:24
the world better and we just stopped cuz
00:24:27
we sound we found so much fraud I mean
00:24:29
I'm I'm certain we literally have a rule
00:24:32
here a government pay or in in those
00:24:34
areas if it's more than like a third of
00:24:35
the business we don't do it and in the
00:24:37
services space this is this is why we
00:24:39
just s we found continuous fraud in the
00:24:42
companies we're looking at investing in
00:24:44
yeah just threading these things
00:24:45
together you know you the really
00:24:47
interesting thing with the Twitter
00:24:50
pausing of payments was you know at some
00:24:52
point we were in a meeting you know at
00:24:54
1:00 a.m. on a Saturday and it was like
00:24:56
hey let's turn the credit cards off to
00:24:58
see what bounces and uh you know what
00:25:02
happens and then of course we start
00:25:04
getting calls and people started routing
00:25:06
obviously because they knew saaks was
00:25:08
there you were there I was there hey you
00:25:10
know a company who I shared an investor
00:25:13
with or you know in another company said
00:25:16
hey you know we're not getting paid for
00:25:17
this and it was like some SAS software
00:25:19
that nobody was using Etc so you start
00:25:21
figuring out to your point okay is this
00:25:24
software even being used there was so
00:25:26
much software and services that had been
00:25:28
paid that nobody had ever logged in to
00:25:31
set up so it was just being paid as pure
00:25:34
graph now you said Antonio correctly the
00:25:37
people who come first like they're
00:25:39
probably the ones who are in on the
00:25:41
biggest grift because hey you know I I
00:25:42
figured out how to grift this money how
00:25:45
us Aid got to the top of the Doge list I
00:25:48
think is one of the most interesting
00:25:49
aspects of this story so if you remember
00:25:53
on January 21st Trump decided he would
00:25:56
do a bunch of executive orders right and
00:25:58
one of them was to pause foreign aid for
00:26:00
90 days okay this seems reasonable we
00:26:03
got to take care of our country that was
00:26:04
part of his mandate for becoming the
00:26:07
47th president of the United States so
00:26:09
couple of days later the White House
00:26:11
said hey this us a leadership is trying
00:26:14
to circumvent the executive order
00:26:16
they're in other words they're just
00:26:17
going to keep paying people even though
00:26:19
the executive order came out that
00:26:21
alerted the Doge team so Elon confirmed
00:26:24
this on X he said quote all Doge did was
00:26:27
check to see which federal organizations
00:26:29
were violating the president's executive
00:26:31
orders the most turned out to be us Aid
00:26:35
so that became our focus and according
00:26:37
to NBC security officials at USA tried
00:26:40
to prevent Doge from even getting into
00:26:42
the building or accessing the systems to
00:26:45
your point Antonio the person probably
00:26:47
who's got the most to hide is the one
00:26:49
who's going to fight the most over the
00:26:51
weekend Doge gained access to us Aid and
00:26:55
then people started tweeting out all of
00:26:57
this
00:26:58
you know crazy spend and things that any
00:27:01
American who looks at it and says wait a
00:27:04
second if we haven't fixed the goddamn
00:27:05
water in Flint Michigan why are we
00:27:08
sending money to gallway or in Ireland
00:27:10
to do a Dei musical this makes no sense
00:27:13
and that's I think the key piece of this
00:27:14
Antonio is can you win the hearts and
00:27:17
minds of
00:27:18
Americans because some of this stuff I
00:27:21
don't know if it's legal or it's not
00:27:23
legal or it's against protocol or it is
00:27:26
protocol we're going to find out there's
00:27:27
been tons of of legal um cases and
00:27:30
lawsuits that have been filed but to
00:27:33
your point this is how Elon found out
00:27:35
about usaid J let me ask you a question
00:27:38
where where does that place you in
00:27:41
your political philosophy around the
00:27:43
importance of Human Rights
00:27:45
abroad great great
00:27:48
question you know I've always felt that
00:27:51
uh the West should act in unison and if
00:27:53
the United States is the greatest
00:27:54
economy or the strongest we should lead
00:27:57
there is something called the Universal
00:27:58
Declaration of Human Rights the United
00:28:00
States Elanor Roosevelt uh wrote this at
00:28:03
the UN and everybody tries to hit those
00:28:05
notes I think it's great that we try to
00:28:07
reduce suffering in the world but I
00:28:09
think we should be doing it not
00:28:11
unilaterally and not to try to
00:28:13
manipulate governments and that's the
00:28:14
piece of this that us Aid is obviously a
00:28:17
grift where people are trying to steal
00:28:19
money for their pet projects and I don't
00:28:22
think they're acting in unison and above
00:28:24
board to look and say okay where's the
00:28:27
most suffering in the world how can we
00:28:29
help that you know that that to me seems
00:28:31
like a noble thing to do and if the
00:28:32
United States has the budget to help
00:28:34
fight AIDS in Africa or you know poverty
00:28:38
you there's a chance that some of these
00:28:40
human rights
00:28:41
issues were embellished to try to get
00:28:44
more money well I do think the you know
00:28:47
I I did this tweet recently so yes is
00:28:49
the answer if you look at Amnesty
00:28:51
International Amnesty International
00:28:52
where I worked was one of my first jobs
00:28:54
they were work working on people who
00:28:56
were imprisoned tortured
00:28:58
raped murdered systematic murder of
00:29:02
dissidents for freedom of speech freedom
00:29:04
of assembly religion Etc and then
00:29:06
somewhere along the line you know the
00:29:09
Amnesty International was tweeting about
00:29:10
trans rights and that's the big Focus
00:29:12
this is a very small amount of you know
00:29:15
people on the planet and I don't think
00:29:17
that those human rights violations in
00:29:19
any way relate to the tragedy we're
00:29:21
seeing of people being murdered tortured
00:29:23
raped and caned and and beheaded in
00:29:26
certain places in the world so
00:29:28
there there
00:29:30
is a way to look at suffering and say we
00:29:34
should handle this first and yes
00:29:36
somebody who you know uh feels they got
00:29:38
misgendered maybe that's way down the
00:29:41
priority list compared to systematic
00:29:44
rape of women in these you know War
00:29:46
zones those will be the high order bits
00:29:48
and so this thing has gotten the other
00:29:52
fascinating thing I think about USA
00:29:53
which I like to get your thoughts on too
00:29:55
jamath is at what point did this switch
00:29:59
from being the the left saying we should
00:30:03
not intervene right the left's position
00:30:05
always in the 8S 90s when we were
00:30:06
growing up was we shouldn't be doing
00:30:08
these operatives in other countries we
00:30:10
should let democracy flow let these
00:30:12
countries figure it out for themselves
00:30:14
we shouldn't be doing Empire building we
00:30:15
shouldn't be doing imperialism and then
00:30:18
all of a sudden now it's just such a
00:30:20
Griff that I think everybody's got their
00:30:21
hands in the pie lindsy Grahams on some
00:30:24
nonprofit that gets money from this I
00:30:25
don't know if that's above board or not
00:30:28
everybody a lot of people who are
00:30:30
formally in government seem to be part
00:30:32
of this NGO train so the whole thing
00:30:34
just turned out to be a grift and it's a
00:30:36
bipartisan grift
00:30:39
obviously I think the INF I think the
00:30:41
biggest thing that we will have to
00:30:44
confront is that many of the things that
00:30:46
we
00:30:48
thought were issues or
00:30:51
problems may have actually been somewhat
00:30:55
embellished because of this money cycle
00:30:58
sure and I think that that's going to
00:31:00
cause a lot of people to feel really
00:31:04
they'll probably feel really foolish
00:31:05
about some of the decisions they made
00:31:07
all the attempts at cancellation are
00:31:09
going to look really dumb in hindsight
00:31:12
yeah all right ni some gra to our friend
00:31:14
David saaks here who's coming online
00:31:15
okay here he is
00:31:16
David and and the one thing I want to uh
00:31:19
point out this goes way back I think
00:31:22
maybe more than a decade ago David tried
00:31:25
to explain to me that neocons had taken
00:31:27
over American foreign policy and they
00:31:29
were well your question about why did
00:31:31
the Democrats change Why did Republicans
00:31:33
change Etc the neocons took over foreign
00:31:35
policy in both sides Democrats and
00:31:37
Republicans and populated out this very
00:31:39
activist muster stance which is bad for
00:31:41
America and I think Jason that answerers
00:31:42
your question as to why the Democrat
00:31:44
shifted all right with us is David Sachs
00:31:47
how you doing brother are are you
00:31:48
literally in the white house I'm in the
00:31:51
uh
00:31:52
EOB ah okay there's like a podcast
00:31:55
Studio actually in the EOB oh fantastic
00:31:58
and you're wearing a suit every day yeah
00:32:00
know you're right I have to wear a suit
00:32:01
and tie every day I was just listening
00:32:03
on your your conversation about Doge
00:32:05
jakeob I'm surprised that you never
00:32:07
figured out a way to get involved in
00:32:08
this
00:32:09
USA I mean everybody's on the take
00:32:11
except you what's going I had known I
00:32:14
would have started an NGO where's my NGO
00:32:17
you had everything except the money
00:32:18
laundering you had the grip you had the
00:32:20
virtue signaling you had it all except
00:32:22
act money let me uplevel this for a
00:32:25
second okay so we knew the US government
00:32:28
runs a $2 trillion deficit every year
00:32:31
we're in debt almost $40 trillion and we
00:32:34
also knew that anytime anyone tries to
00:32:36
cut anything in Washington the whole
00:32:37
city screams bloody murder okay so the
00:32:39
question is just Why well now we know
00:32:42
the money is all going to them it's like
00:32:44
round tripping to them New York Times
00:32:46
getting paid Politico getting paid bill
00:32:50
Crystal perennial warmonger getting paid
00:32:54
Ukraine getting paid like 11 out of 12
00:32:56
Publications Ukraine getting paid
00:32:58
incredible Victor Orban who's the Prime
00:33:00
Minister of Hungary was saying that he's
00:33:02
very popular in Hungary his political
00:33:04
opposition funded by usaid in Poland the
00:33:09
leftwing political opposition funded by
00:33:11
usaid and on and on and on it goes BBC
00:33:14
BBC you wonder why everyone in the UK so
00:33:17
yeah yeah believe the BBC is getting
00:33:19
paid every leftwing organization in the
00:33:22
world seems to be getting paid by this
00:33:25
slush fund at usaid which disperses
00:33:28
about 50 billion a year that's a billion
00:33:29
dollars a week that's actually a lot of
00:33:32
money and so it it just it makes you
00:33:34
wonder you know the left in general
00:33:36
tries to portray itself as a movement of
00:33:39
the people that it's Grassroots this is
00:33:41
the exact opposite this is AstroTurf
00:33:43
this is basically money coming from the
00:33:45
top down out of Washington to fund all
00:33:47
these groups maybe not even in the
00:33:49
United States like all over the world so
00:33:51
it makes you wonder what is the real
00:33:53
level of local support for these
00:33:56
leftwing policies all over the world
00:33:59
yeah crazy so you did a big announcement
00:34:01
this week on
00:34:02
crypto and creating a framework finally
00:34:06
I I caught some of it maybe you could
00:34:08
just tell us you know from the bottom up
00:34:10
what is the Mandate from the president
00:34:13
and what is your advice to him on how to
00:34:16
make crypto move out of the Shadows
00:34:19
offshore icos craziness to legitimacy
00:34:23
what's the plan here to legitimize and
00:34:25
regulate crypto well the the plan was
00:34:28
really spelled out by President Trump
00:34:29
and his week one EO on crypto and it's
00:34:32
all spelled out in there the principal
00:34:34
Administration on crypto the president
00:34:36
said he wants to support the responsible
00:34:37
use and growth of digital assets and
00:34:41
blockchains across every sector of the
00:34:43
economy so the principles are all there
00:34:46
and yesterday I was invited up to
00:34:48
Capitol Hill to meet with the the
00:34:51
chairman of the important committees
00:34:53
that will be that basically govern
00:34:55
crypto and so we had a conference there
00:34:58
to announce the legislative plan you can
00:35:01
see there there's chairman Tim Scott
00:35:03
who's the chair of the Senate Banking
00:35:05
Committee to my left and then to my
00:35:07
right is french hill who's the chairman
00:35:09
of the house Financial Services
00:35:11
committee and then to his right is John
00:35:15
Boseman who's the chair of the Senate
00:35:17
agriculture committee and then to the
00:35:20
left of Tim Scott is um GT Thompson
00:35:23
who's the chair of the house agriculture
00:35:25
committee he's out of frame right now
00:35:27
now but those are the four committees
00:35:29
that govern crypto and you may ask why
00:35:31
is the agriculture Committee involved in
00:35:32
crypto and the reason is because the ad
00:35:35
committee supervises the cftc the
00:35:38
Commodities Futures Trading Commission
00:35:40
because Commodities all came out of
00:35:42
Agriculture so it's interesting you need
00:35:45
four committees across the House and
00:35:47
Senate to get legislation done on crypto
00:35:50
it's not just House and Senate it's
00:35:52
actually two committees in each of the
00:35:53
House and Senate and so this is the
00:35:56
first time where we've had had four
00:35:58
chairman of the four key committees all
00:36:00
come together and say that they're ready
00:36:02
to support crypto legislation there were
00:36:04
a lot of people on a who felt like this
00:36:06
wasn't you know a mind-blowing
00:36:08
announcement they wanted something that
00:36:09
they could trade on right away that's
00:36:11
not what this was this was basically a
00:36:14
statement of commitment from the chairs
00:36:16
of the four committees that we're going
00:36:17
to get legislation done this year maybe
00:36:20
in the next six months I mean that's
00:36:21
really the goal and we've never had that
00:36:23
before so that is pretty Monumental I
00:36:25
used to work in this because when I
00:36:28
first launched climate Court back in the
00:36:29
day we actually were selling commodity
00:36:31
contracts online so we we set ourselves
00:36:33
up as an exempt
00:36:36
commodity trading platform and I so I I
00:36:39
remember all this old legislation there
00:36:41
was the commodity Futures modernization
00:36:43
act if I remember when they deregulated
00:36:46
the energy Market but one of the
00:36:48
features of the commodity features
00:36:50
modernization Act was that they created
00:36:52
this concept of an exempt commodity
00:36:54
contract which was where you're not
00:36:56
delivering a physical good
00:36:58
and that's basically what weather
00:36:59
derivatives were and energy derivatives
00:37:01
and other kind of indices were created
00:37:04
that didn't have a tangible physical
00:37:06
Supply and it was still kind of shoveled
00:37:08
in the uh in the Commodities world
00:37:10
that's why the legacy of all this stuff
00:37:11
kind of sitting with agriculture is that
00:37:14
the way this is likely going to move
00:37:15
forward is it's going to look like a new
00:37:16
extension of exempt Commodities and kind
00:37:18
of treated like that versus being
00:37:20
Securities the question you're
00:37:22
describing is called Market structure
00:37:25
you know what are the definitions going
00:37:26
to be because digital assets can be many
00:37:28
things you can have some digital assets
00:37:31
are cryptocurrencies they're actually
00:37:32
currencies then there's things that are
00:37:35
crypto Securities then there's things
00:37:37
that are Commodities Bitcoin actually is
00:37:38
regulated as a commodity right now and
00:37:41
then you've got things that aren't
00:37:43
Securities or Commodities they're like
00:37:45
Collectibles you know like nfts things
00:37:46
like that so there's all these different
00:37:49
categories and one of the things that
00:37:50
the market needs is just Clarity around
00:37:52
the definition so that Founders know
00:37:54
what the rules of Road are and they can
00:37:56
actually just comply with that
00:37:58
so giving them those definitions and
00:38:01
describing how a crypto project could
00:38:04
start for example as a security and
00:38:07
eventually the protocol could become
00:38:09
decentralized enough or maybe it becomes
00:38:11
a commodity that whole idea that's
00:38:15
called Market structure and there was a
00:38:17
bill in the last Congress by french hill
00:38:19
who is the chair of the house Financial
00:38:21
Services committee now that passed the
00:38:24
house with 71 Democratic um votes so was
00:38:27
fairly bipartisan but then it went
00:38:30
nowhere in the Senate because frankly
00:38:32
the bank committee at that time was run
00:38:34
by shered Brown who was anti- crypto so
00:38:36
it got stopped in the Senate right away
00:38:39
now we have Republican control of the
00:38:41
Senate and Tim Scott's the new chair of
00:38:42
the Senate Banking Committee and he's
00:38:44
expressed support so I think now we
00:38:46
could get a bill on Market structure
00:38:48
like fit21 again which was fren shills
00:38:50
Bill last Congress I think we could do a
00:38:53
revised and updated version this
00:38:54
Congress and that was one of the things
00:38:56
they all that the chairman expressed
00:38:58
support for so I think there's a pretty
00:39:00
good chance we could get this done in
00:39:01
the next six months what's the
00:39:02
opposition sax I guess it feels to me
00:39:05
like with the market structure question
00:39:06
being addressed and answered you would
00:39:09
have also more protection for consumers
00:39:11
because now businesses know the rules of
00:39:12
the road they follow them the structure
00:39:14
that protects consumers etc etc why
00:39:17
would people be opposed to moving this
00:39:18
forward moving the legislation forward
00:39:20
getting this all behind us well I think
00:39:22
this is an area where there's a really
00:39:24
good chance of having bipartison support
00:39:28
we did in the last Congress like I
00:39:30
mentioned that the house bill got over
00:39:32
70 Democratic votes I think in the
00:39:34
Senate we're going to need seven votes
00:39:37
seven Democrat votes to get to 60 right
00:39:39
which is the number you need if you
00:39:40
don't go through the reconciliation
00:39:42
process and I think there's a good
00:39:44
chance this passes with significant
00:39:46
Democratic support as well as Republican
00:39:49
it's not going to be unanimous or
00:39:50
anything like that because there are
00:39:52
still forces that are hostile to crypto
00:39:56
in Washington and do you think it's
00:39:58
going to be a discret bill or do you I I
00:40:00
mean it seems
00:40:02
like you're going to have to get a
00:40:04
border security and energy and budget
00:40:08
bill passed so it seems like
00:40:10
everything's looking towards
00:40:12
reconciliation in which case would this
00:40:15
be an ad junk like a like an add-on the
00:40:18
the question is what you can get through
00:40:19
reconciliation so in order for a bill to
00:40:21
go through the reconciliation process
00:40:23
where you only need basically 50 votes
00:40:25
it has to have a budgetary impact or
00:40:28
predominantly a budgetary impact I think
00:40:30
it's called the bird Rule and that rule
00:40:34
was definitely pushed pretty hard in the
00:40:36
last Administration you remember that
00:40:38
the bid Administration got the inflation
00:40:40
reduction Act passed through
00:40:43
reconciliation and all those subsidies
00:40:45
for clean energy or whatever so they've
00:40:47
opened the window pretty wide on what
00:40:49
can go through reconciliation but that's
00:40:51
the question there's one other bill that
00:40:54
I think is going to move pretty quickly
00:40:55
here too so I just mentioned the market
00:40:57
structure Bill the other area is stable
00:40:59
coins and Senator Hagerty he's on the
00:41:02
Banking Committee he just released a
00:41:04
stable coin bill there's counterparts in
00:41:06
the house and what the four chairman
00:41:09
indicated is actually they're going to
00:41:10
take up stable coins first and then
00:41:12
Market structure will follow very
00:41:14
quickly so I think we could see a stable
00:41:16
coin
00:41:17
bill pass Congress in the next several
00:41:20
months sax I guess the question is the
00:41:22
SEC was and Gary Gensler were the
00:41:26
blocker
00:41:28
previously with crypto and they just
00:41:30
said Hey listen there's an existing set
00:41:31
of rules here just follow those rules
00:41:33
obviously those rules don't exactly
00:41:35
apply to the Innovation happening in
00:41:37
crypto so the question I think after
00:41:40
stable coins which feels like a layup
00:41:41
and and a great place to start that'll
00:41:43
be a great early win and it just makes
00:41:45
people I guess that would just reinforce
00:41:47
the dollar Supremacy right if it's tied
00:41:49
to the dollar so that's good for
00:41:51
America but maybe you could talk to
00:41:54
protecting consumers because we all saw
00:41:56
in the first couple of generations of
00:41:59
crypto all kinds of griffs and icos and
00:42:01
things that were never delivered so how
00:42:03
do you balance those two things
00:42:04
protecting consumers who may get really
00:42:07
enthusiastic about this versus you know
00:42:11
people who might try to Prey Upon them
00:42:14
well the first thing you want to do if
00:42:15
you're going to protect consumers is you
00:42:16
want to bring the activity on Shore okay
00:42:19
because obviously when all the activity
00:42:21
gets driven offshore then it's hard for
00:42:24
Regulators to supervise it and moreover
00:42:26
it's hard for the market to know who's a
00:42:29
good actor who's a bad actor what's a
00:42:30
good project what's a bad project so the
00:42:32
first thing you want to do is have the
00:42:34
Innovation happen onshore in the United
00:42:36
States by the way it's probably not a
00:42:37
coincidence that the biggest fraud in
00:42:39
the history of crypto which was FTX was
00:42:42
based in the Bahamas yeah probably
00:42:44
little bit of a tell a little bit of a
00:42:45
tell and it'll be an even stronger tell
00:42:48
when the good projects feel like they
00:42:49
can come back into the United States and
00:42:51
then you've got the Shady ones in the
00:42:53
Bahamas or in other countries that
00:42:54
they're going to stick out like a sore
00:42:55
thumb everyone's going to be able to
00:42:56
understand that oh those guys are too
00:42:58
shady to operate in the United States so
00:43:01
the number one thing we need to do is
00:43:02
just bring the Innovation on Shore in
00:43:05
terms of the framework I think the
00:43:07
market structure bill is going to Define
00:43:08
here's a security here's a commodity
00:43:10
here's what you have to do here are the
00:43:12
disclosure requirements around creating
00:43:15
a crypto project so all of that will be
00:43:18
in the bill and then in the meantime the
00:43:20
SEC has created a new task force under
00:43:24
Hester Pur who's a sec commissioner and
00:43:27
she is already starting to do work in
00:43:29
that regard to define a better regime at
00:43:32
the SEC for crypto
00:43:34
projects you mentioned that gendler said
00:43:37
that the sec's doors were open to crypto
00:43:40
companies and they should come in and
00:43:42
talk to us and work with us that was
00:43:44
very
00:43:44
disingenuous crypto companies would tell
00:43:46
me they would go see the SEC the SEC
00:43:49
would tell them nothing about what the
00:43:50
rules were but they would have
00:43:52
enforcement people in those meetings
00:43:53
just writing down everything they would
00:43:55
say and the next day they would get sent
00:43:56
a well notice so the truth is the SEC
00:43:59
was not cooperating they were not
00:44:01
providing any Clarity they were just
00:44:02
honeypotting Founders basically to come
00:44:04
in and then they would immediately
00:44:06
investigate them I mean it was really
00:44:08
terrible look we expect Founders to play
00:44:10
by the rules and abide by the law and be
00:44:13
compliant but when you won't tell them
00:44:15
what the rules are and then you
00:44:16
prosecute them there's no fair way for
00:44:18
them to comply so the most important
00:44:21
thing is to give them a framework I
00:44:22
think the SEC now is doing that they're
00:44:24
starting to do that already and then
00:44:26
legislatively we're going to have a bill
00:44:27
that does that uh moving through
00:44:30
Congress over the next few months this
00:44:32
is absolutely awesome we're super
00:44:34
encouraged that you're doing this and uh
00:44:36
we really appreciate you coming on the
00:44:37
Pod uh wish you could participate in the
00:44:40
other three or four crazy discussions
00:44:41
we're about to have but we understand
00:44:43
you've got to stay focused on the
00:44:44
mission uh anything on the AI front that
00:44:47
we can look forward to in the coming
00:44:49
weeks that you're working on I know
00:44:50
that's the other part of your
00:44:52
mission well the big thing is like I
00:44:54
talked about last time the president
00:44:56
rescinded the Biden EO which was this
00:44:58
100 page monstrosity of burn some
00:45:00
regulation on our AI companies I think
00:45:03
that decision's been proven even more
00:45:05
right in the wake of deep seek because
00:45:06
we know that China has basically caught
00:45:09
up or they're very very close to
00:45:10
catching up it felt like that Biden EO
00:45:12
is written in a vacuum in which the US
00:45:14
was the only player in Ai and that if we
00:45:17
imposed a bunch of burns some rules on
00:45:19
our companies that somehow that wouldn't
00:45:21
allow China to catch up right and I
00:45:23
think it's pretty clear that China is
00:45:24
very very competitive if we R AI
00:45:27
companies is going to run down to
00:45:29
China's benefits so I think that was a
00:45:31
very good decision and what the
00:45:33
president said in his EO is that we
00:45:36
should devise a new AI action plan to
00:45:38
replace that by Neo and we're working on
00:45:40
that right now all right d any fun
00:45:43
anecdotes from Doge you want to share
00:45:45
I'll give you one anecdote which is I've
00:45:47
been working late here a number of
00:45:48
nights at the EOB and I won't tell you
00:45:51
where the Doge guys are based but you
00:45:52
know I know where their office is so I
00:45:54
just went by there to say hi the whole
00:45:56
room was full
00:45:57
of young coders I think they were
00:46:00
engineers but they're wearing like suits
00:46:01
and ties so that's a little different
00:46:03
but they were all working really late I
00:46:05
mean they're working there late up
00:46:07
Friday night and the facilities people
00:46:10
don't know what to do because they've
00:46:12
never had people like asked to stay late
00:46:14
on before so they've had to create new
00:46:17
uh new facilities access for for these
00:46:19
guys they're like you're coming to the
00:46:21
office and doing work we don't have a
00:46:23
protocol for that what how does that
00:46:25
work we gonna need to get you a he
00:46:27
you're a badge to come to the building
00:46:29
yeah uh well it's absolutely awesome to
00:46:31
see the progress you're making in the
00:46:33
first two weeks and continued success
00:46:35
we're so proud of the
00:46:37
effort all right thanks guys all right
00:46:41
do you guys think the Democrats are
00:46:43
going to lose people over their
00:46:46
opposition to Doge like is Doge really
00:46:49
viewed as oppositional to Democrat party
00:46:51
interests this is for the average person
00:46:54
it's a war Shack TK I think the thing is
00:46:57
that there was a coalition that the
00:46:59
Democrats had and there was a coalition
00:47:01
that the Republicans had the Republicans
00:47:03
did a better job of reforming that
00:47:06
Coalition and now I think what you're
00:47:08
going to see is a shrinking I actually
00:47:11
got this totally wrong I don't know if
00:47:12
you remember a couple years ago but my
00:47:14
thought at the time was if the
00:47:17
Republicans don't figure out how to fix
00:47:19
themselves they were going to go and
00:47:22
lose for the next 10 or 15 years and the
00:47:24
reason I said that was they would walk
00:47:26
into every M term and they would just
00:47:27
get their ass handed to them but I think
00:47:30
they figured it out that this is sort of
00:47:32
this thing that I've been thinking about
00:47:33
a lot is there's a fight in Western
00:47:37
societies and it's a pendulum between
00:47:39
labor and capital and it used to be the
00:47:42
thought the conventional wisdom was that
00:47:44
the
00:47:45
Republicans were Pro capital and
00:47:48
Democrats were pro- labor and the
00:47:50
Brilliance of trump is he took over the
00:47:53
Republican party and made it totally
00:47:55
populist which is to say Pro
00:47:57
labor and the crazy thing about the
00:48:00
Democrats is that they are the most
00:48:04
sophisticated
00:48:05
Liars because if you look at what
00:48:08
happened under
00:48:09
Biden you had record high stock markets
00:48:12
so it was purely in favor of asset
00:48:15
owners record high deficits record high
00:48:18
illegal immigration record high wage
00:48:21
suppression all of these things are
00:48:23
massively Pro Capital but they tried to
00:48:25
present themselves as Pro labor
00:48:27
that entire ruse is now being undone and
00:48:31
all of this data what that does is it'll
00:48:33
it'll consolidate the Democrats to a
00:48:35
shell of their former self it'll take a
00:48:37
year or 18 months but I think unless
00:48:40
they figure out how to totally hard
00:48:42
reset they're going to be in a really
00:48:44
difficult struggle to find a cohort of
00:48:46
people Beyond 15 or 20% of the
00:48:49
population for a long time well and it's
00:48:51
so dumb to come out against waste Fraud
00:48:54
and Abuse so the best argument that
00:48:56
Democrats had it seems was that oh my
00:49:00
God people's Social Security numbers or
00:49:03
people's privacy was being violated
00:49:06
because they went in and looked at the
00:49:08
data and how the money was raed wasted
00:49:10
this is the like height of not getting
00:49:13
the point and not reading the room 100%
00:49:16
of Americans don't want their tax
00:49:17
payments stolen they don't care if you
00:49:20
looked at their social security number
00:49:22
this isn't a privacy issue that doge is
00:49:24
looking at some database and that's
00:49:26
that's what AOC and Schumer were doing
00:49:29
oh my God these people are looking at
00:49:31
your social security number they have
00:49:33
access to your records who cares what
00:49:35
matters is how much money is being
00:49:37
stolen from the American public and
00:49:40
anyone at any point in time could have
00:49:42
picked up this issue this has been going
00:49:44
on I think you pointed out the last time
00:49:46
somebody really addressed this in
00:49:47
Earnest was Clinton so this has been
00:49:49
going on Obama Trump 1.0 Biden everybody
00:49:55
has been raising the debt all of this
00:49:57
grift has been going on and it's only
00:49:58
this time around that somebody picked up
00:50:00
the free money and said here's an issue
00:50:03
now we uh we see what happens when
00:50:06
somebody picks up the issue of stop
00:50:09
wasting money it is a popular issue this
00:50:11
is only going to make Trump more popular
00:50:13
so Jason I I um G add what you and Jamal
00:50:17
said I think you're both right I'm give
00:50:18
you a very concrete example Ram Emanuel
00:50:20
is now back from Japan okay he was Chief
00:50:22
of Staff in both the Democratic white
00:50:24
houses post uh Rose
00:50:27
um Clinton and Obama and he wrote an
00:50:29
oped this weekend this past weekend um
00:50:32
that basically said the Democrats have
00:50:33
lost their way because they have
00:50:35
forgotten what he calls kitchen table
00:50:37
issues the things people regular people
00:50:39
care about and jamat you're right I mean
00:50:42
the the reality is um they forgot about
00:50:44
inflation they forgot that inflation is
00:50:46
terrible for the average person it's
00:50:48
terrible for middle class America it's
00:50:50
okay for people that own productive
00:50:52
assets because they just go up in value
00:50:54
but it's terrible for people that are
00:50:55
wage earners and that have any savings
00:50:57
it's terrible for older people that are
00:50:58
living off savings terrible you know Rob
00:51:01
makes this point that if the Democrats
00:51:02
are going have to are going to
00:51:03
reconformation
00:51:24
[Music]
00:51:26
because of all of these other issues so
00:51:28
they have no home there is no base from
00:51:31
which to build from right now unless
00:51:32
they go through a great reset and part
00:51:35
of it is that they have to understand
00:51:37
that they are actually not pro labor
00:51:40
they are have been Pro Capital but that
00:51:43
requires such a Schism from the deepest
00:51:46
Believers of the democratic party who
00:51:48
thought you know Eat the Rich you wear
00:51:51
it on your dress it's so important to
00:51:52
you in fact actually you were feeding
00:51:54
the rich you just and the that you
00:51:57
didn't even know that is just pathetic
00:51:59
yeah what's funny is that you know Marg
00:52:01
thater famous has said that the problem
00:52:02
of socialism you eventually run out of
00:52:04
other people's money and you run
00:52:06
deficits right and you destroy the
00:52:07
country this happened in Venezuela this
00:52:08
is always the end of socialism it's how
00:52:09
it it's how it finishes it's how the
00:52:11
movie ends we've seen it around the
00:52:12
world just look look South into South
00:52:15
America we were heading that direction
00:52:16
that's what I said earlier we I was I'm
00:52:19
afraid we might become a kleptocracy if
00:52:21
this doesn't stop and I'm so grateful to
00:52:23
all the great Patriots of Doge and the
00:52:24
government the president for making it
00:52:25
happen cuz we were heading that
00:52:27
direction so the Democratic party is
00:52:29
lost they'll continue to be lost
00:52:31
interesting thing came up this week on
00:52:34
Monday president Trump signed an
00:52:35
executive order laying out a plan to
00:52:37
establish the first Sovereign wealth
00:52:40
fund for the United States for those of
00:52:41
you who don't know a sovereign wealth
00:52:43
fund is essentially an investment fund
00:52:46
for a country it's almost universally
00:52:48
based on natural resources so Norway
00:52:52
Saudi UAE they all have uh Australia
00:52:55
sovereign weal funds based upon minerals
00:52:58
or typically oil the United States is
00:53:00
not known for having the oil reserves of
00:53:03
the Saudis or UAE or Norway this public
00:53:08
investment
00:53:09
fund would be
00:53:12
apparently anchored by
00:53:15
potentially The Tick Tock shares that
00:53:18
Trump said he wanted to get half of by
00:53:21
giving a
00:53:23
license a lot of that is uh unclear what
00:53:27
this license would be it's never existed
00:53:30
but this is the concept the treasury
00:53:33
secretary and Commerce Secretary have
00:53:35
been tasked with developing a plan over
00:53:37
the next 90 days and uh the plan should
00:53:40
include quote recommendations for
00:53:42
funding mechanisms investment Strategies
00:53:44
Fund structure and a governance model
00:53:47
chamath you were tweeting about this
00:53:49
what is the point of having a sovereign
00:53:53
wealth Fund in the United States if
00:53:55
we're 36 trillion in debt shouldn't we
00:53:57
just pay
00:53:59
down I I think it's not where this money
00:54:02
going to come from yeah well it's not an
00:54:04
either or thing and I think the point is
00:54:05
that if there are assets that are minted
00:54:08
effectively overnight which I think the
00:54:10
50% share of Tik Tok would be so call
00:54:13
it1 $150 billion doar the question is
00:54:16
what should you do with it and who
00:54:18
should govern it and I think this idea
00:54:19
that if you had a group of five Elder
00:54:22
Statesmen so I'm just going to throw
00:54:23
some names out there David terer Stan
00:54:26
ruen Miller Ken Griffin John dor or Mike
00:54:29
morritz Bill gross or some other Bond
00:54:32
guy my point is what you get are five
00:54:34
people that are very sophisticated
00:54:36
across all Market
00:54:38
categories one of them could be the
00:54:40
rotating CEO for some number of years
00:54:42
people should rotate in and rotate out
00:54:44
these are unpaid jobs because everybody
00:54:46
that has these slots should be Mega
00:54:49
billionaires so they shouldn't be doing
00:54:50
it for their own personal advancement
00:54:52
and they should deploy that Capital so
00:54:54
as you sell down the Tik Tok shares
00:54:56
maybe as you sell Federal lands and you
00:54:58
generate more oil Revenue take it all
00:55:01
and invest it on behalf of America into
00:55:04
American companies I think that's a
00:55:06
great incredible idea Antonio you think
00:55:09
the government should be in this
00:55:11
business so I have I I think it I think
00:55:14
it should but and I agree with shth uh
00:55:16
that the governance is very very
00:55:17
important I think he's got a good idea
00:55:20
there I think it for a different reason
00:55:22
is that we don't have an industrial
00:55:24
policy in America uh many of our
00:55:26
competitors around the world in
00:55:27
particular China have a long-term
00:55:30
industrial policy and they put enormous
00:55:32
amounts of capital behind the industrial
00:55:34
policy uh a sovereign wealth fund I
00:55:36
think would be a stealthy way to create
00:55:38
industrial policy in America so rather
00:55:40
mean industrial policy in this context
00:55:42
so example in China they want to they
00:55:46
want to build chip Fabs and they want to
00:55:47
catch up to to uh
00:55:49
tsmc so what do they do they take the
00:55:53
dollars of Trade Surplus they get from
00:55:54
US every year and they pour back into
00:55:56
making that stuff inside their country
00:55:58
and for decades part of the problem
00:56:00
we've had with China is that capital is
00:56:02
free because the banking system just
00:56:04
pushes money out to manufacturers and
00:56:05
they move the manufacturing because the
00:56:06
WTO from the US to China that's the
00:56:08
industrial policy people say the Chinese
00:56:10
have a long-term 100-year Vision the way
00:56:12
it's it manifests is this industrial
00:56:14
policy we don't have that here at all
00:56:16
and we try to do it we do like the chips
00:56:18
act and it goes through Commerce we have
00:56:20
government bureaucrats deciding how to
00:56:22
spend $200 billion to modernize Intel
00:56:25
which needs to happen I mean I'd much
00:56:27
rather have Ken Griffin Bill gross any
00:56:30
of the guys choth mentioned deciding
00:56:32
okay we have five Industries in America
00:56:34
we want to invest in let's make great
00:56:35
Investments right I mean let's make
00:56:37
great Investments for America they got
00:56:38
to be economic they got they got to make
00:56:40
money for us but they got to be good for
00:56:41
the country I think that's what most
00:56:42
these Sovereign wealth funds do some of
00:56:44
them make portfolio Investments but many
00:56:45
of them like the The Sovereign wealth
00:56:47
Fund in Saudi Arabia the piff they're
00:56:48
making enormous Investments domestically
00:56:50
to remake the economy you know toward
00:56:52
tourism example and I think this is a
00:56:54
great idea they're literally building CI
00:56:56
in neom they've got you know a dozen
00:56:58
cities being
00:57:00
constructed and trying to take an oil
00:57:02
economy and shift it to a tourism
00:57:05
economy a technology economy a private
00:57:07
Equity economy Antonio is totally right
00:57:09
like Scott bessent part of his
00:57:12
Congressional testimony you guys
00:57:14
probably saw this was he laid out this
00:57:16
thing that he has that's called the 333
00:57:18
plan right in the 333 plan says we want
00:57:21
to see GDP growth of 3% we want to see
00:57:24
deficits that are no greater than 3%
00:57:27
and we want to have 3 million Bears of
00:57:28
oil right produced domestically in the
00:57:30
United States but if you double click on
00:57:33
that if you look at the total energy
00:57:35
reserves in the United States they're
00:57:37
three times greater than the total
00:57:39
energy reserves of Saudi Arabia three
00:57:41
times across all forms so not just oil
00:57:44
if you oil not gas plus
00:57:45
coal if we actually go as Antonio said
00:57:49
towards an industrial policy that's
00:57:51
pro-energy where the incremental cost of
00:57:54
energy is effectively zero where we want
00:57:56
just a gross abundance of electrons
00:57:58
flowing in America for all the great
00:58:01
ideas that could pop up it is by
00:58:04
definition going to generate an enormous
00:58:06
amount of revenue for the federal
00:58:08
government and so I think having the
00:58:10
Sovereign wealth fund be the rainy day
00:58:12
fund if you will right that can Bank a
00:58:15
percentage of all of that I think starts
00:58:17
to do a lot of really good for the
00:58:19
long-term strategic guidance of the US
00:58:22
freberg what do you think here is this
00:58:24
something where we're making the
00:58:25
government too big and now we've got the
00:58:27
government competing with black rock and
00:58:29
seoa and Andre and harowitz and they're
00:58:32
going to be on the board of technology
00:58:34
companies and energy companies and
00:58:35
investing in it and then what happens
00:58:37
when you know Obama Biden Trump Bush you
00:58:41
get different people running these
00:58:42
things and then they want to do their
00:58:43
pet projects it seems to me like this
00:58:45
could be get awfully conflicted awfully
00:58:47
quick what do you think should this be a
00:58:49
business or government's in I think one
00:58:51
of the things the government sucks at is
00:58:53
capitalism so I wouldn't make capitalis
00:58:56
the Mandate of a sovereign wealth fund
00:58:58
certainly not when we have $4 trillion
00:59:00
of federal debt it doesn't make economic
00:59:02
sense our cost of capital is 5% that's
00:59:05
how much the interest is on this 10 to
00:59:07
30e debt right now so it's very hard to
00:59:11
actually make real risk adjusted returns
00:59:13
when our cost of capital is so high so I
00:59:15
don't think the Mandate should be hey
00:59:16
let's put a bunch of capital in a pool
00:59:18
go and invest it and try and make money
00:59:20
for the United States that seems silly
00:59:23
but my point about the government being
00:59:25
really bad at capital is is that the
00:59:26
United States government owns and has
00:59:30
access to and will acquire through other
00:59:32
means significant assets and resources
00:59:35
that should be monetized in a smarter
00:59:37
way and so I would kind of think about
00:59:39
the Sovereign wealth fund as being more
00:59:40
of a strategic vehicle for monetization
00:59:44
of high value government assets so for
00:59:46
example if Trump does actually negotiate
00:59:48
a 50% Equity position in Tik Tock us
00:59:51
that needs to sit somewhere it should
00:59:53
not sit in the department of whatever it
00:59:55
should sit with a capitalist manager
00:59:58
that then ultimately makes the decision
00:59:59
on when and how to monetize that asset
01:00:02
return that cash to the treasury and pay
01:00:03
down the debt similarly the US has large
01:00:06
amounts of land has access to other
01:00:10
large assets that get transferred in
01:00:12
seizures etc etc so you know I don't
01:00:14
know if you guys remember all this but
01:00:15
there was like bit Bitcoin seizures that
01:00:17
have happened over the years is the
01:00:19
government has cracked down on criminal
01:00:21
Enterprises then the government owns
01:00:22
this Bitcoin do you think the smartest
01:00:24
people are making the decisions on where
01:00:25
and how to sell down that Bitcoin I
01:00:27
guarantee you not I would much rather
01:00:28
have a capitalist making that decision
01:00:30
so I would view the you know the The
01:00:32
Sovereign wealth fund being less about
01:00:34
raise capital from other means in the
01:00:35
government which effectively means
01:00:37
borrowing money through treasuries
01:00:38
because of the the debt level we have
01:00:40
and trying to invest it and much more
01:00:43
being about okay what strategic assets
01:00:45
can the US government monetize and use
01:00:47
this as the mechanism for doing that and
01:00:49
then ultimately I think the objective
01:00:51
should be to return that capital I I do
01:00:53
think there's also an opportunity for
01:00:54
managing
01:00:56
Social Security in a smarter way so
01:00:58
Social Security's functionally going to
01:01:00
be bankrupt in eight years the way the
01:01:03
trust is set up the cash that's there
01:01:05
the assets that are there and the demand
01:01:07
on Social Security given the Aging
01:01:09
population and the rising payouts every
01:01:12
year so one of the other ways to think
01:01:15
about this is what are the long-term
01:01:17
debt obligations which is ultimately the
01:01:18
point of these Sovereign wealth funds
01:01:20
and can they be invest in a smarter way
01:01:21
why is the Social Security entities
01:01:23
ultimately owning you know 3% yielding
01:01:26
bonds when they could be owning interest
01:01:28
in in equities so I would kind of think
01:01:31
about that strategic pool of capital
01:01:33
being managed by this as well and less
01:01:35
about the Mandate of go be a capitalist
01:01:37
investor for the United States raise
01:01:39
money and make money I think leave that
01:01:41
to the markets but when it comes to
01:01:43
strategic assets I think this could be a
01:01:44
good vehicle for when the got shut down
01:01:48
yeah we seized 144,000 Bitcoin and
01:01:51
that's sitting somewhere in some
01:01:53
Department of Justice off yeah they sold
01:01:56
I I think they sold sold it yeah no I
01:01:58
think we still have it I think that was
01:02:00
like the idea was that was going to
01:02:01
become the Bitcoin Str Reserve I mean
01:02:03
you could also come up with the doj the
01:02:06
doj sells these so like who do you think
01:02:08
of the doj is making the Bitcoin Market
01:02:10
decisions and is that the right person
01:02:12
to be monetizing these assets I mean d
01:02:14
made an interesting point security I I
01:02:16
just want to follow up on which
01:02:17
is when when you think about social
01:02:21
security it's six uh $6 trli of our 36
01:02:24
TR debt and it's actually a fake
01:02:26
treasury bill so just to one of the
01:02:29
things we figured out in early days
01:02:31
before the inauguration I is like that 6
01:02:33
trillion dollar sits on The Ledger it's
01:02:35
just a paper Ledger over so actually if
01:02:37
it gets paid out it's also be very
01:02:38
inflationary it's just a fake treasury
01:02:39
got ledged over at that pays a very low
01:02:41
rate and here at valer with my partners
01:02:44
John shulin has been reading to try to
01:02:47
help the the only the only thing we find
01:02:49
that's audit in the government the the
01:02:51
Social Security Administration actually
01:02:52
has an audit it has an audit and when
01:02:54
you go through the audit it's crazy the
01:02:57
material weaknesses going by to Doge
01:02:58
that you find yeah it' be way better to
01:03:01
have that invested in a way that was
01:03:02
economic for people with real money by
01:03:05
way as for this guys as we're speaking
01:03:08
the federal judge just put a temporary
01:03:10
restraining order on Doge and has barred
01:03:13
Elon and his team from accessing US
01:03:15
Treasury payments data all right so now
01:03:19
we're gonna
01:03:20
have a real grudge match between the
01:03:24
public the Federal which judge was it
01:03:26
federal judge federal judge yeah would
01:03:28
you know why jamat do it say why no but
01:03:31
Elizabeth Warren is doing a Victory lap
01:03:34
so I'm sure that you
01:03:36
know she's part of it so the government
01:03:38
agency set up by the president can't
01:03:40
look at
01:03:41
the database of the treasury so just to
01:03:45
be u double click here
01:03:47
doge is not a new agency it's the
01:03:50
renaming of existing agency I can't
01:03:51
remember the name of it we def find it
01:03:53
Elon tweeted about this uh some weeks
01:03:54
ago
01:03:56
that was set up under Obama actually to
01:04:00
do this to accredit an audit function to
01:04:02
the government what's crazy about this
01:04:04
ruling to me is uh Congress basically is
01:04:08
the Constitution delegates to to the
01:04:09
executive the um the ability to spend
01:04:12
the money and they go through Congress
01:04:13
it gets actually appropriate in Congress
01:04:14
and the executive spends it how can you
01:04:17
spend money if you don't know where it
01:04:19
went I how can you be responsible right
01:04:21
you have the authority to spend it but
01:04:22
not the and how can you responsibly
01:04:23
spend it if you actually can't go look
01:04:25
and see where it goes guys this is
01:04:27
flying Fast and Furious president Trump
01:04:29
just unveiled his framework for his tax
01:04:33
plan no tax on tips no tax on senior
01:04:36
social security no tax on overtime pay
01:04:39
renew the middle class tax cuts adjust
01:04:42
the salt cap so again very Pro as I said
01:04:44
Pro labor Pro populist eliminate all
01:04:47
special tax breaks for billionaire
01:04:48
sports team owners oh all right I'm no
01:04:51
longer I already sold a team I already
01:04:53
sold my fees I already sold my fees
01:04:57
oops oops close the carried interest
01:05:01
close the carried interest tax deduction
01:05:03
loophole which allowed you to claim
01:05:04
carried interest as sorry
01:05:07
Antonio I better run oh no I'll be back
01:05:11
in a few hours it's sell some
01:05:15
things isn't that incredible I mean he
01:05:17
is really going for the jugular
01:05:19
wow amazing I support this 100% the Suk
01:05:23
deductions coming back is that right
01:05:25
marginally though I don't think he's
01:05:26
going to give it the way that it was
01:05:28
before but isn't this incredible I
01:05:31
mean how who's going to stand up and lay
01:05:34
on the railroad tracks for being able to
01:05:37
amortise a multi-billion dollar sports
01:05:39
team purchase or that when you make a
01:05:42
fund investment you should get long-term
01:05:44
kept gains treatment who is going to be
01:05:46
that person in this ad nobody's going to
01:05:48
stand up for these things I think we
01:05:50
should just stop doing Ventra and just
01:05:52
start NOS we just start a whole Rats
01:05:54
nness of NOS to ship money around you
01:05:57
could have an incubator yeah absolutely
01:06:00
incubator incubator come if you've got a
01:06:02
great idea for an NGO why why didn't you
01:06:05
launch launch in every single random
01:06:08
developing country in the world I mean
01:06:10
if I had known you would have had 8
01:06:12
billion of AUM because of a USA ID just
01:06:15
launch one in Vietnam and we could have
01:06:18
yeah I could launch go launch I love it
01:06:21
we we could have had a yeah a launch
01:06:23
accelerator in Vietnam for transgender
01:06:26
yeah the Jason calanis launch fun of
01:06:28
Equatorial
01:06:31
Guinea it is so crazy though to come out
01:06:35
and you know watching the Democrats just
01:06:38
the self-own of coming out and being
01:06:40
like we have to stop people from
01:06:44
stopping wasteful spend like they just
01:06:46
don't seem to understand how unpopular
01:06:50
these are kitchen table issues like Rah
01:06:51
said I mean everyone cares about that
01:06:53
and if you don't care about that if you
01:06:54
care about these Fring isues and not the
01:06:56
things people care about on the kitchen
01:06:57
table well and if you think about the
01:07:01
transgender Sports issue biological
01:07:04
males playing in female sports leagues
01:07:08
that issue that Trump just did an EO
01:07:09
yesterday for was such an obvious issue
01:07:13
of fairness and just has nothing to do
01:07:15
with transgender it just has to do with
01:07:17
like biology if a if a biological male
01:07:21
plays basketball on a on a a biological
01:07:24
female team some somebody's going to get
01:07:26
hurt and that person's going to score
01:07:27
100 points it's just obvious and the
01:07:30
fact that the Democrats couldn't see
01:07:32
that issue being 100% for or
01:07:37
95% makes no sense like it's just such
01:07:40
an obvious litus test of logic I mean
01:07:44
look man the Constitution is is a is a
01:07:46
document about fairness the people that
01:07:48
found this country the Patriots found
01:07:50
this country they they did it cuz they
01:07:51
treated unfilly at home all of us here
01:07:54
um are one generation away right or two
01:07:56
generations away from immigration and
01:07:58
the reality is that's why people come
01:07:59
here man it's it's unamerican it's un
01:08:01
amican deg we got two people here who
01:08:03
are immigrants yes I'm reading the TR
01:08:05
and it looks like this TR means
01:08:07
temporary restraining order and it and
01:08:09
it's actually Narrows who from Doge yeah
01:08:13
can get read access down to two people
01:08:15
Tom kuss and Marco
01:08:17
elz oh okay so they don't want to have
01:08:22
the whole team be able to see what's at
01:08:24
treasury they just to have a process and
01:08:26
some sign off okay that sounds not
01:08:29
unreasonable I just want to point out
01:08:31
two people to to look at no matter how
01:08:33
good they are I'm she we're at 24/7 look
01:08:35
at all the payments in the US government
01:08:37
is not a lot yeah it does seem like it
01:08:39
needs to be more than two but it doesn't
01:08:41
seem like they're saying you can't look
01:08:42
at it they just want to have some
01:08:44
controls in
01:08:45
place I mean feels to me like that's an
01:08:47
administrative block that's like the
01:08:49
narrowest thing you could do two okay
01:08:51
yeah you can come in but you can just
01:08:52
send two people and just these two
01:08:54
people so if they get sick or something
01:08:56
happens no one else comes in that seems
01:08:58
to me to be truly dis mystery block to
01:09:00
slow it
01:09:01
down yeah H well we're interpreting this
01:09:04
in real time the facts will come out
01:09:06
over time let's wrap up on uh Google
01:09:09
Google dropped 7% after reporting
01:09:11
earnings on Tuesday chath Revenue up 12%
01:09:14
year-over-year to 96.5 billion wow Cloud
01:09:18
revenue is up 30% year-over-year 12
01:09:20
billion YouTube ads surging 14% to 10.5
01:09:24
billion net profit was around 26.5
01:09:28
billion up 28% year-over-year so they
01:09:30
are really focusing on profitability
01:09:33
obviously full year numbers this is just
01:09:36
extraordinary total revenue 350 billion
01:09:39
with a 100 billion in net profit cloud
01:09:42
and YouTube finished 2024 with a
01:09:44
combined run rate of $110 Billion
01:09:47
YouTube is basically Netflix inside of
01:09:50
uh inside of Google and their Google
01:09:52
cloud is essentially AWS inside of
01:09:55
Google
01:09:56
the thing that made investors get
01:09:58
concerned shth is that Google said it
01:10:00
would invest 75 billion in capex in
01:10:04
2025 42% jump over 2024 29% more than
01:10:09
analysts expect obviously this has to do
01:10:11
with data center servers and the AI
01:10:14
buildout what do you think about that
01:10:16
number 75 billion obviously in relation
01:10:20
to what we saw with deep seek doing it
01:10:24
with maybe a little bit less maybe
01:10:25
they're lying is this just an
01:10:30
absolute waste of money or gargantuan
01:10:32
number or is it something they can
01:10:35
easily with that amount of profitability
01:10:36
and cash they have absorb and use in the
01:10:38
future I think I should stipulate that
01:10:40
Google's models are probably the best of
01:10:42
all the models across a broad base
01:10:45
of capabilities if you test for them and
01:10:49
so let's start there which is whatever
01:10:51
they're doing is working the thing that
01:10:53
they need to do is be able to translate
01:10:55
those models now into better
01:10:58
products and I think that that will
01:11:00
happen slowly like for example if you
01:11:02
look at Deep
01:11:03
research most of the people online that
01:11:06
are evaluating deep research would now
01:11:07
say that open AI is both faster and just
01:11:11
better on the margins all of these
01:11:13
things can be improved I don't think
01:11:15
that's a comment on the base model I
01:11:16
think it's a comment on post trining and
01:11:18
how they're attempting to productize
01:11:20
these things
01:11:22
so the other thing that Google has is a
01:11:24
money machine that directly benefits
01:11:27
from these Aid driven optimizations on
01:11:30
ad targeting the only other company that
01:11:32
has anywhere close to the same
01:11:34
credibility as meta so I think what both
01:11:37
of these two companies need to do is do
01:11:40
a better job of explaining how that 75
01:11:42
billion gets segregated how much of that
01:11:45
goes to these AI enabled models that
01:11:47
actually do better ads optimization
01:11:49
there was a there was a really
01:11:51
interesting discussion by a former meta
01:11:52
machine learning engineer on X about how
01:11:54
they did it it's pretty amazing it's
01:11:56
staggering but if they could say half
01:11:58
the money goes to that and the other
01:12:00
half goes to more speculative you know
01:12:02
pre-training and post training I think
01:12:04
the market would have eaten it up so
01:12:07
it's probably more of a disclosure issue
01:12:09
for Google because I would say right now
01:12:10
their model quality is the
01:12:12
best you have thoughts on this buildout
01:12:15
Antonio obviously I think you've been
01:12:17
involved with xai uh and obviously
01:12:19
involved with Twitter and X previously
01:12:22
and colossus's colossal buildout that
01:12:24
was EX to watch a period of time do you
01:12:27
have concerns that like some people do
01:12:29
that this build out is too expensive and
01:12:32
would be too hard to monetize all that
01:12:35
expense or is it uh maybe a little bit
01:12:38
of hand ringing and the opportunity in
01:12:40
AI is so obviously huge that you just
01:12:43
got to take the leap of faith and and
01:12:45
and if you build it the revenue will
01:12:48
come yeah I think chath has the right
01:12:50
framework here which is return invest of
01:12:52
capital and what he's saying by you know
01:12:53
if Google had said hey half the money is
01:12:56
for ad and half the money is for much
01:12:57
bued post training the market would have
01:12:59
seen that half the money has a higher
01:13:01
return of capital and goog's return of
01:13:02
capital is actually going up uh after
01:13:04
the impation of of AI models into their
01:13:07
into their company and I I think that
01:13:08
sort of abstracts the entire Market
01:13:10
which is people are waking up that
01:13:13
return invested capital in data s will
01:13:14
matter that the models are basic
01:13:16
Commodities and super competitive in the
01:13:19
best case it's kind of a a land worn
01:13:21
Asia it's a melee in in a worst case
01:13:23
just total Commodities what does matter
01:13:25
is the return on Capital data center
01:13:27
which is influenced by how good the data
01:13:29
centers are so you mention the X data
01:13:31
center it's 100,000 GP cluster it's the
01:13:34
most dense coherent cluster in the world
01:13:36
and it will just train faster and better
01:13:38
than other clusters and it's also built
01:13:40
for the most cheaply and the fastest so
01:13:44
XI will have the highest train on
01:13:45
Capital and I also think the best train
01:13:46
data and therefore will win I think
01:13:48
Google will also win because they have U
01:13:50
their tensor flow chips they make their
01:13:52
own some of their own chips they do
01:13:54
focus on RC and they have a great
01:13:57
Monopoly to kind of fund it all so I
01:13:59
don't think it's over blown I think that
01:14:00
I think this is going to be as you guys
01:14:01
have said before in the podcast you know
01:14:02
bigger than Industrial Revolution but uh
01:14:05
it's also true that you need to have a
01:14:08
good roic and if you don't you're not
01:14:10
transparent about it you can see what
01:14:12
happens I I would argue Google's
01:14:14
probably been the most frugal thoughtful
01:14:17
and well-managed Computing
01:14:19
infrastructure investor of all time you
01:14:22
know the 98 to 2005 era Google it was
01:14:25
all about just cheap throwaway racks
01:14:27
that that was the big Advantage they had
01:14:28
is they weren't using the expensive
01:14:30
Oracle servers and they had a two to
01:14:33
three-year kind of depreciation timeline
01:14:35
on those but they were super cheap and
01:14:37
so the the roic was quite good then they
01:14:40
got into Energy Efficiency which they
01:14:42
realized was a big driving cost they
01:14:43
started to build systems that that were
01:14:46
more energy efficient as a result they
01:14:47
lasted
01:14:48
longer and then their their depreciation
01:14:51
schedule moved up to 3 to four years
01:14:53
meaning they could kind of write down
01:14:54
the value of the servers over 3 to four
01:14:56
years and then from 2010 to 2015 era
01:15:00
their Hardware system for cloud allowed
01:15:04
them to kind of extend through
01:15:06
repurposing the utilization and they
01:15:08
increased their depreciation from to
01:15:10
four to five years and then in 2021 I
01:15:12
don't know if you guys remember this
01:15:13
they made this kind of big change to
01:15:15
their depreciation schedule on data
01:15:18
center infrastructure to six years so
01:15:20
when they invest capex in a data center
01:15:23
they would write down the servers over a
01:15:25
six-year cycle because of AI
01:15:26
optimization on maintenance so they he
01:15:28
started using AI just for internal
01:15:31
management of the infrastructure so I
01:15:33
would view the $75 billion capex
01:15:37
actually as a very positive signal for
01:15:39
the company I think that it means that
01:15:41
they have a really strong line of sight
01:15:43
on how they're going to have full
01:15:45
utilization and great return on this if
01:15:48
you do the math Ric math on this $75
01:15:50
billion assume a 20% roic you've got to
01:15:55
generating call it roughly an
01:15:56
incremental $15 billion of profit a year
01:16:00
plus the amortization of the 75 billion
01:16:02
so take the 75 billion divided by six
01:16:04
that's 12 billion plus 15 billion so
01:16:07
what they're so basically they would
01:16:08
need to make an incremental 27 billion
01:16:10
of operating profit a year on the 75
01:16:13
billion for this to meet their roic
01:16:15
performance that doesn't seem crazy
01:16:17
because that's just under 20% of their
01:16:19
in of their annual operating profit this
01:16:21
is a very kind of I think important
01:16:22
point which is Google doesn't just do
01:16:25
this to to build out AI in the future
01:16:27
they have a really strong line of sight
01:16:29
on how this can kind of increment and
01:16:30
you don't have a huge hurdle for them
01:16:32
for this to pay back so I don't know I
01:16:34
would kind of take Antonio's point I'd
01:16:35
view this as a positive I think if you
01:16:37
use their historical ability to manage
01:16:39
infrastructure and make predictions on
01:16:41
Investments as an indicator of the
01:16:43
future this is a strong and positive
01:16:45
indicator and I do think that for all
01:16:47
the naysayers out there that think that
01:16:48
search is going to evolve to chat you
01:16:50
could look at this as being a really
01:16:52
important proof point that Google has
01:16:53
the confidence that they're going to be
01:16:54
able to move from search to chat and as
01:16:57
jamat points out they've got great
01:16:58
performative models and I would view
01:17:00
this more of as a positive than a
01:17:02
negative if they were under investing I
01:17:03
would be worried that they didn't know
01:17:04
where to invest but to see them make
01:17:06
this degree of investment highlights the
01:17:07
confidence in the strategy and turny I
01:17:10
don't know if you've been watching the
01:17:11
agent space or deep research that came
01:17:13
out from Google and then closed AI I
01:17:16
mean open AI launched their copycat
01:17:18
version of this product sorry I don't
01:17:22
short feelings on it I'm curious your
01:17:24
thoughts on on job displacement we're
01:17:27
looking at self-driving obviously wh's
01:17:29
got cars on the road obviously uh Tesla
01:17:32
which you were previously on the board
01:17:33
of and I know you were the First
01:17:35
Institutional Investor in Tesla self-
01:17:38
driving is pretty good I only get like
01:17:39
one or two disengagements per hour and
01:17:42
they tend to be the ones where I just
01:17:43
want to take the turn a little sharper
01:17:44
kind of thing so that's getting pretty
01:17:46
close byd is very close you got a A lot
01:17:50
of job displacement that aocc millions
01:17:52
and millions of drivers in 10 years
01:17:55
could lose their jobs researchers
01:17:58
working at Gartner Group whatever Boston
01:18:00
Consultant Group like it feels like
01:18:02
there could be massive job displacement
01:18:05
do you have concerns about that in the
01:18:07
American economy and globally there's a
01:18:09
lot of hand ring about this and it's
01:18:10
real in Prior moments of LW disruption
01:18:15
that there have been uh job
01:18:16
displacements because there's you know
01:18:17
generous people get retrained for
01:18:18
something else you can't retrain so you
01:18:20
know I think uh there were studies mon
01:18:22
fre did of the steel industry in
01:18:24
Pittsburgh in the '70s that the cost of
01:18:27
each steel worker job loss was about a
01:18:29
million dollars to the economy because
01:18:30
these people couldn't be retrained and
01:18:32
that might happen here but I'm going I
01:18:34
have a more benign Outlook personally
01:18:36
what I think is going to happen is that
01:18:38
you will have job loss uh but the amount
01:18:41
of productivity that will be released in
01:18:42
the US economy is going to be
01:18:44
extraordinary right so so GDP growth is
01:18:47
a function of the numberal people
01:18:48
working times productivity it's very
01:18:50
simple economists want to make it more
01:18:52
complex than that but it's the number of
01:18:53
people working times productivity
01:18:55
if you go if prty goes up to 5 6 7 8%
01:18:59
you get a massive boost in GDP growth
01:19:02
and then what happens well people can
01:19:05
get retrained they can get different
01:19:06
jobs different Services happen people
01:19:08
start companies the application layer of
01:19:11
LMS is just starting the the barrier to
01:19:13
start a company is quite low things like
01:19:15
launch probably explode because there's
01:19:17
all these people who have don't have
01:19:18
jobs anywh that were accountants and
01:19:19
want to start something it's hard to
01:19:21
know what happens you know I believe in
01:19:22
American agility I believe in in this
01:19:24
country I believe that we will figure
01:19:26
out figure out a way that make this all
01:19:28
work and if there's enough productivity
01:19:30
and money in the economy that's flowing
01:19:32
people will find new jobs they will find
01:19:35
new business to start they will find new
01:19:36
things to do we have to get out of the
01:19:37
way take regulation down and let
01:19:40
Americans be creative and unleash the
01:19:42
American productivity machine Let's make
01:19:45
that happen yeah that's I think really
01:19:47
strong thoughts and I mean that's the
01:19:49
game we're seeing on the field how many
01:19:50
companies are we seeing hit a million
01:19:52
dollars in Revenue with five employees
01:19:54
where that used to take yeah 25 so the
01:19:57
efficiency is there trath your your
01:19:59
outlook on this issue since it seems to
01:20:01
be coming up again specifically with
01:20:03
truck drivers and Uber drivers and all
01:20:06
kinds of other research jobs that seem
01:20:09
to be be doing pretty well um or can be
01:20:11
done pretty well by AI where where do
01:20:14
you stand on this issue today I think
01:20:15
it's a process Buffett wrote about this
01:20:18
in an annual letter and what he
01:20:20
described was the changing nature of
01:20:23
jobs during The Agrarian
01:20:26
Revolution and what you saw was a large
01:20:29
cohort of people who supported
01:20:31
themselves through
01:20:32
farming and then the total Quantum of
01:20:36
those jobs shrank by 90% when you had
01:20:38
industrialized farming and tractors and
01:20:41
whatnot but the economy to Antonio's
01:20:44
Point grew around that business and
01:20:45
added other kinds of businesses that
01:20:47
didn't make sense in that moment and I
01:20:50
think what you see is that when
01:20:52
economies get more and more evolved you
01:20:54
see the growth of services businesses
01:20:57
that sort of are these things that can
01:20:59
only happen when you have excess right
01:21:03
the person that you pay for closet
01:21:04
organizing would not have had a job in
01:21:06
the turn of the agrarian Revolution or
01:21:09
the Industrial Revolution but they can
01:21:11
they can exist in 202 something and
01:21:13
frankly they can make a good job the
01:21:14
life coach there are all these jobs that
01:21:16
just kind of come out of nowhere
01:21:17
podcaster influencer all of that Venture
01:21:20
venture capitalist vure Capital
01:21:22
allocator absolutely
01:21:25
mutant strawberry Creator yeah so I
01:21:27
think that I think that you're cut that
01:21:30
waiting for this next turn of creativity
01:21:33
like the big problem that we all have
01:21:36
maybe I'll take the more glass half
01:21:38
empty version of what Antonio said is we
01:21:40
really haven't been unlocking people's
01:21:42
creativity over the last 15 years we've
01:21:45
been trundling around except safe of a
01:21:48
few companies which we all know and we
01:21:50
can just repeat them endlessly but we
01:21:52
know which ones they are that are truly
01:21:54
innovating and at the edge everybody
01:21:57
else is kind of diddling around Naval
01:22:00
casing so the real problem is that we
01:22:02
have not had a lot of reps in being
01:22:04
creative I'll give you just a very
01:22:05
simple example Nick can you find this
01:22:08
even extremely state industries did you
01:22:10
see the byd clip of the car that and I
01:22:14
thought myself Park yes with a little
01:22:16
swipe it's how tragic is it that you
01:22:21
look at this and you're blown away yeah
01:22:24
and you're blown blown away for two
01:22:25
reasons one is a I didn't think that
01:22:28
that was possible and B why doesn't it
01:22:31
exist in America but the reality
01:22:33
underneath the hood is extremely benign
01:22:36
how this is
01:22:37
implemented and so I think that the
01:22:39
problem is we spent so much
01:22:42
time losing the
01:22:44
script I think Antonio is right when you
01:22:47
unshackle people to not focus on the
01:22:50
mental load of getting the pronouns
01:22:52
right or the this or the that
01:22:55
you won't be so overwhelmed by things
01:22:58
like this because you will have already
01:22:59
been pushing the boundaries of human
01:23:00
creativity we need to get back to that
01:23:02
we need to let these creative people
01:23:04
cook and I hope I hope that that happens
01:23:07
and I think that that will happen
01:23:09
freeberg can you do a science corner on
01:23:11
the FDA approval for the nonopioid
01:23:14
painkiller right not today no no I know
01:23:17
but could you do it like in a couple
01:23:18
weeks
01:23:20
yeah by the one I wanted to do is that
01:23:23
new macro study on gp1s which I think is
01:23:26
super interesting oh tell us you guys
01:23:29
remember I talked a while ago about how
01:23:31
they were able to mine VA data so the VA
01:23:34
right they they take care of veterans
01:23:37
and they have all the medical records
01:23:39
and on an anonymized basis they can make
01:23:41
that data available to researchers and
01:23:43
so if you guys remember this this is how
01:23:45
they identified that the Epstein bar
01:23:47
virus or the virus that causes mono as
01:23:49
being statistically certain to be the
01:23:51
trigger for multiple sclerosis in the
01:23:53
cohort of hundreds of thousands of
01:23:54
patients that were in this this data set
01:23:58
no
01:23:59
one got Ms that didn't get Epstein bar
01:24:03
virus if you did not get Epstein bar
01:24:05
virus you did not get Ms I don't know if
01:24:07
you guys remember I did the science
01:24:08
Corner a while ago anyway so the data
01:24:10
set that you can mine at the VA is
01:24:11
incredible so they pulled all the data
01:24:13
from everyone that's been on the gp1
01:24:15
agonists and they identified all of the
01:24:17
health effects across multiple
01:24:18
indications the statistical difference
01:24:20
between the cohorts okay so this
01:24:22
research team out of St Louis pulled all
01:24:25
the data from the VA database and
01:24:28
basically they looked at you know 1.2
01:24:30
million people with diabetes that didn't
01:24:32
take anything compared to 215,000 that
01:24:36
took the glp1 receptor agonists and
01:24:39
another 600,000 people that took other
01:24:41
drugs for diabetes so basically this
01:24:45
cohort
01:24:47
segmentation allows them to isolate the
01:24:49
effect of the glp1 drugs um and as you
01:24:52
can see here this shows across hundreds
01:24:55
of thousands of patients the effect of
01:24:57
the glp1 on a hazard ratio which means
01:25:00
like How likely are you to have the
01:25:01
following health condition versus the
01:25:04
population that's not taking the glp
01:25:06
ones and then uh on the right if you
01:25:09
scroll to the right Nick are the
01:25:11
increase in risk and on the left are the
01:25:13
things that go down so the increase the
01:25:15
only thing that increased is like you
01:25:16
know 8% or 10% increase in nausea and
01:25:19
vomiting y confirm uh musculoskeletal
01:25:22
complications grd which is you know
01:25:25
gastric reflux from sleep indigestion
01:25:30
yeah and sleep disturbances related to
01:25:31
indigestion so it's all abdominal stuff
01:25:33
now if you go over here to the benefit
01:25:35
side so the benefit side is what
01:25:38
conditions did you see a decrease in so
01:25:40
you have a decrease in shock a decrease
01:25:42
in uh he hepatic failure so liver
01:25:45
failure respiratory failure cardiac
01:25:48
arrest in fact on cardiac arrest you see
01:25:50
a 30% decrease in the probability of
01:25:52
having cardiac arrest from the cohort
01:25:55
that's on the
01:25:57
glp1 Bia wow schizophrenia so so this
01:26:01
goes to the point if you guys remember
01:26:03
the interview I did a couple months ago
01:26:05
with the CEO of Eli Lily that they have
01:26:07
all these clinical trials going on right
01:26:09
now for different indications for the
01:26:11
glp1 receptor agonists that they're
01:26:13
seeing that there's health benefits
01:26:15
Beyond just the weight loss in reducing
01:26:17
things like kidney disease obviously
01:26:19
liver problems mental problems and so on
01:26:22
do we know why and and if we don't know
01:26:25
why do you think it's
01:26:27
because this is suppressing the food and
01:26:29
it's the the lack of food or the change
01:26:32
in the food consumption that's creating
01:26:33
this do you know what I'm asking like do
01:26:35
you think the drug is actually yeah y so
01:26:38
um you should watch the interview I did
01:26:40
with RS in fact this is a good moment to
01:26:41
call it out if you Haven seen it yeah I
01:26:43
think he highlights that this class of
01:26:45
drugs there are you know genes get
01:26:48
turned on and off so there's a you know
01:26:50
what's called a gene expression Cascade
01:26:52
that occurs with certain compounds so we
01:26:55
know that the gp1 receptor Agonist means
01:26:58
that it binds to these gp1 sites and
01:27:00
there's a cascading effect of genes that
01:27:03
then get expressed and what that seems
01:27:05
to do is turn off things like
01:27:07
inflammatory markers it turns on things
01:27:09
like C two genes which can actually
01:27:11
increase cellular repair so there seem
01:27:13
to be other benefits from these drugs
01:27:15
Beyond just the appetite control and
01:27:17
it's not the appetite control itself but
01:27:19
there seems to be other effects let me
01:27:21
ask you a question from these these
01:27:22
receptors being activated you put your
01:27:25
kids on this no okay would you put your
01:27:29
wife on this I would consider it and I
01:27:32
would consider it for myself too just
01:27:34
for the anti-inflammatory effects how
01:27:36
will you make that decision well for me
01:27:38
personally and the thing that I weigh
01:27:40
against is the muscle loss and uh the
01:27:43
the bone density loss so I think that if
01:27:45
you look at the the biggest kind of
01:27:46
effect on these on a on the downside
01:27:48
basis is you should increase your
01:27:50
protein in your diet you have to do
01:27:52
weightlifting there's things that you
01:27:54
would do and frankly if you do those
01:27:55
things anyway if you increase protein in
01:27:57
your diet and do more weightlifting
01:27:59
you're actually going to see very good
01:28:00
health benefits from just doing those
01:28:02
things that may actually outweigh the
01:28:04
benefits you get the I have a question
01:28:06
you Dave which is and this is the
01:28:07
question is when when you look at that
01:28:08
data and you talk to the
01:28:10
cosos how much you think really longterm
01:28:13
when the longterm sies are out is going
01:28:14
to be that it was the drug or just that
01:28:17
being obese is very bad for you and so
01:28:19
when you take your body fat down
01:28:21
dramatically all these other Gene
01:28:23
Expressions happen anyway right so you
01:28:25
think which one will it well this is
01:28:26
this is what they're starting to isolate
01:28:27
and I will say Antonio they are starting
01:28:29
to see that there are other Expressions
01:28:33
that are not related to the Obesity and
01:28:34
people that don't have obesity that
01:28:36
they're using that are using these drugs
01:28:37
so they're they're seeing that cohort
01:28:39
data now a clinical studies uh phase two
01:28:41
were published and I think we're going
01:28:42
to see phase three and some of these
01:28:44
indications soon but it is looking very
01:28:47
positive that it's not just the loss of
01:28:49
obesity now to your point being obese
01:28:52
not exercising eating poorly destroys
01:28:54
your health you stop that right right
01:28:57
everything gets better um if you lift
01:28:59
weights freeberg can you tell us when
01:29:00
you decide to do this I will yeah if I
01:29:02
if I do do a glp1 um receptor Agonist I
01:29:06
will let you guys know right now I'm I I
01:29:08
actually feel like I want to go through
01:29:10
a process of
01:29:11
increasing uh my weightlifting routine
01:29:13
more I I you know I've been trying to
01:29:16
create a more kind of rigorous my
01:29:17
schedule just sucks so that's been the
01:29:19
hardest thing for me but I actually want
01:29:20
to go through that first before making
01:29:22
that decision
01:29:24
cool David oh I'm sorry no I was just
01:29:26
curious why why that order I don't
01:29:28
understand I want to measure the effects
01:29:29
because I do think that if you actually
01:29:31
get into a a regular weightlifting
01:29:33
routine and you increase protein in your
01:29:35
diet which is another thing I've been
01:29:37
making a a concerted measured effort to
01:29:39
do which is hard as a vegetarian by the
01:29:42
way you see pretty significant uh health
01:29:46
effects and so I'm trying to get through
01:29:47
the process of increasing muscle
01:29:49
composition before I'll make the
01:29:51
decision on whether or not to add G one
01:29:52
I don't want to kind of confound the two
01:29:54
factors you know what I did that made it
01:29:55
super easy for me um is I got uh egg
01:29:59
whites in a carton and I have and I have
01:30:02
this incredible uh
01:30:04
crunchy spicy garlic thing that
01:30:07
everybody muku and everybody makes and
01:30:09
everybody's crazy about just in the
01:30:10
mornings I'll eat whatever it is 10
01:30:13
ounces 12 ounces of egg whites with that
01:30:16
spicy stuff it's delicious it's awesome
01:30:18
and I just try to you know get that
01:30:20
whatever 30 40 grams of protein first
01:30:22
thing in the morning and then doing the
01:30:25
rocking well this is is easy like you
01:30:27
just wear a 35 pound weight vest
01:30:29
freeberg and you walk a mile or two and
01:30:32
you will get like my problem Jason with
01:30:34
all of this is that every time I see
01:30:37
something so I saw Gary Brea on the Sha
01:30:39
Ryan podcast recently and Sean Ryan asks
01:30:43
him like what are a handful of things
01:30:45
that you recommend for everybody right
01:30:47
and he recommends mineral salt and then
01:30:49
he recommends a methylated vitamin he
01:30:51
recommends amino acids whatever there's
01:30:53
a protocol
01:30:54
then if you happen to catch a clip on X
01:30:56
of Andrew huberman he'll have a protocol
01:30:58
and then Brian Johnson has a protocol
01:31:01
and the problem is all these Protocols
01:31:03
are slightly the same but they're just
01:31:05
different enough where it creates a huge
01:31:07
cognitive load in a normal person like
01:31:09
myself to your point freeberg Who's busy
01:31:11
who's got a job who's got kids how do
01:31:14
you decide and so I would really love
01:31:18
something to be sort of like I don't
01:31:20
want to say gold standard because you
01:31:21
can't say that but that is like what's
01:31:24
the real bank for your buck what Antonio
01:31:27
said you know are you just better off
01:31:28
just losing the 50 pounds and then this
01:31:31
is why these products are successful and
01:31:33
I think will be continue to grow pretty
01:31:36
dramatically Antonio is because it is
01:31:38
pop a pill and it solves all those
01:31:39
problems it doesn't require a cognitive
01:31:41
load it will be in a pill format soon
01:31:43
right I mean the pills are almost here
01:31:46
it would be very cool actually DAV if
01:31:47
you do this U to jamar's point about you
01:31:50
know people being confused if you did
01:31:52
the every the every person's um kind of
01:31:55
story around this journey and you
01:31:58
documented itally you know like you you
01:31:59
did like this is my weight I did
01:32:01
weightlifting first and I did the gop1
01:32:02
and you actually did like a weekly thing
01:32:04
where you checked in and even it was 10
01:32:06
minutes up on X or something where you
01:32:07
just gave people the journey um in a way
01:32:11
that wasn't so complicated because I
01:32:12
think people are confused Jam right mean
01:32:14
I have I have very good doctors you guys
01:32:15
are good doctors but if you don't you
01:32:17
don't know what to do by the way that
01:32:19
the problem for me just to give you a
01:32:20
sense of it I had a doctor in LA I had a
01:32:24
doctor in San Francisco I would have
01:32:26
them do their own versions of things
01:32:27
then I would have somebody else help me
01:32:30
compare it cost me way too much money
01:32:32
and all that complexity did was make the
01:32:34
quality of my healthare actually go down
01:32:37
yeah and instead what I really wanted
01:32:38
was just a very simple protocol that
01:32:41
said take the metformin because it's
01:32:43
good for you take the vitamin D take the
01:32:45
omega-3 fatty acids otherwise just eat
01:32:47
this meal plan and it would help me a
01:32:50
lot more than than I've had to Cobble it
01:32:52
together myself because by the way when
01:32:53
you see something like you know Gary
01:32:55
Brea is very very articulate very smart
01:32:58
but when I see him on the Sha Ryan
01:32:59
podcast the first thing I do is I go and
01:33:02
populate an Amazon cart with all the
01:33:03
things that he said because my instinct
01:33:06
is well I should do the right thing for
01:33:07
myself this is a couple hundred bucks
01:33:09
it's worth the investment but then the
01:33:11
day after somebody else say something
01:33:13
else you know so I'll be really you have
01:33:16
a little OCD though Jamal I've known you
01:33:17
for a long time you get very obsessive
01:33:20
with my father died because of poor
01:33:22
health my best friend died of Po health
01:33:24
I feel like you you should at least do
01:33:27
the things that are preventable have you
01:33:29
guys seen that that post jat did with
01:33:31
you he was like half naked in the mirror
01:33:33
he looks great what are you talking
01:33:34
about he looks great if if you you could
01:33:36
look like that you you'd do it too no no
01:33:38
no I'm talking about like when you had
01:33:40
the glucose monitor I'm sitting with him
01:33:42
at the poker table he's got the glucose
01:33:43
monitor and he's taking a sip of wine
01:33:45
he's checking the glucose he's Tak he's
01:33:48
having like a piece of BJ then he's
01:33:49
checking the glucose monitor it's just
01:33:52
like literally becomes upset
01:33:57
me come on
01:34:00
thisi so funny about this picture all
01:34:02
these clown all these clowns on the
01:34:05
internet are like they don't understand
01:34:07
that when you're 6'2 these are big legs
01:34:09
when you're those are not
01:34:13
big when you're a short King when you're
01:34:16
a short King when you're like my chck I
01:34:19
lost my chti when you're 57 58 I get I
01:34:23
get it while you cuz you guys are all
01:34:24
stubby and short I don't get it this is
01:34:26
the problem with generative AI you can
01:34:27
tell it's a fake photo you can tell that
01:34:29
that was generative AI because nobody
01:34:31
has legs that th how could you have
01:34:34
biceps and then legs that th doesn't
01:34:36
make sense
01:34:38
blushing unbelievable what a thirst trap
01:34:41
now you guys are going to find photos of
01:34:42
Antonio and I we're gon to throw
01:34:46
themar four pieces of advice for people
01:34:48
number one get good sleep number two
01:34:51
exercise number three diet number four
01:34:53
for meditation and if you want to do
01:34:55
that it's very simple you get you get
01:34:57
the calm meditation app you get the
01:34:59
eight sleep sleep you get the fitbot for
01:35:02
fitness and then you get Nutri
01:35:08
forut your diet those are the four
01:35:10
things you focus
01:35:12
on make sure you have a good Athena you
01:35:15
get a good Athena assistant all this is
01:35:17
brought to you by my NGO which is Allin
01:35:20
NGO USA gave us$1 18 million last year
01:35:23
guys I forgot to tell you about it but
01:35:25
don't worry it's in an offshore account
01:35:27
for all of us when we get back to
01:35:29
Ethiopia Vietnam we have an all-in
01:35:31
castle built there okay we built uh with
01:35:34
our NGO we'll see everybody next week
01:35:37
love you boys we love you good see you
01:35:39
guys man great job
01:35:43
Antonio let your winners
01:35:46
ride Rain Man
01:35:50
David and in said we open source it to
01:35:53
the hands and they've just gone crazy
01:35:55
with it love queen
01:35:59
[Music]
01:36:03
of
01:36:05
[Music]
01:36:06
Besties my dog taking
01:36:09
[Music]
01:36:11
driveway oh
01:36:14
man we should all just get a room and
01:36:16
just have one big huge ory cuz they're
01:36:18
all this useless it's like this like
01:36:19
sexual tension that they just need to
01:36:21
release
01:36:22
somehow what
01:36:26
[Music]
01:36:28
we need to get
01:36:31
[Music]
01:36:36
merch I'm going all in